Financial Performance - The group's revenue for the three months ended June 30, 2023, was approximately HKD 66.0 million, an increase of about 19.1% compared to HKD 55.4 million for the same period in 2022[3]. - The loss attributable to the company's owners decreased by 19.5% from approximately HKD 2.6 million in the previous period to approximately HKD 2.1 million in the current period[3]. - The basic loss per share for the current period was approximately HKD 0.62, compared to a loss of HKD 0.82 per share in the previous period[4]. - The gross profit for the three months ended June 30, 2023, was HKD 2.0 million, compared to HKD 0.9 million in the same period of 2022[4]. - The group reported a pre-tax loss of HKD 2.1 million for the current period, compared to a pre-tax loss of HKD 2.6 million in the previous period[4]. - Revenue from renovation services decreased by approximately 29.8%, from about HKD 21.1 million to HKD 14.8 million, primarily due to the completion of several renovation projects in the previous fiscal year[28]. - Revenue from renovation projects was approximately HKD 50.0 million, an increase of about 50.0% compared to HKD 33.4 million in the previous period, driven by several large renovation projects[28]. - The gross profit for the three months ended June 30, 2023, was approximately HKD 2.0 million, up about 116.5% from HKD 0.9 million in the previous year[29]. - Other income decreased from approximately HKD 506,000 to HKD 81,000, primarily due to a reduction in government subsidies under the "Employment Support" scheme by about HKD 500,000[30]. Expenses and Costs - Administrative expenses increased slightly to HKD 4.0 million from HKD 3.9 million in the previous period[4]. - The financing costs for the current period were HKD 0.175 million, up from HKD 0.106 million in the previous period[4]. - Financing costs increased by approximately 65.1%, from HKD 106,000 to HKD 175,000, mainly due to increased bank borrowings in the previous fiscal year[33]. Equity and Dividends - The total equity attributable to the company's owners as of June 30, 2023, was HKD 80.6 million, compared to HKD 68.3 million as of June 30, 2022[5]. - The group did not recommend the payment of an interim dividend for the period[3]. - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2023, consistent with the previous year[21]. - The group did not recommend the payment of an interim dividend for the three months ended June 30, 2022, consistent with the previous period[37]. Cash and Financing - As of June 30, 2023, the group's bank balances and cash amounted to approximately HKD 32.5 million, an increase from approximately HKD 26.3 million as of March 31, 2023[41]. - The group has obtained credit financing from banks amounting to approximately HKD 75.9 million as of June 30, 2023, unchanged from March 31, 2023[38]. - The capital debt ratio increased to 16.1% as of June 30, 2023, up from 15.7% as of March 31, 2023, primarily due to losses leading to a decrease in total equity[40]. Employment and Labor Costs - The group employed a total of 66 employees as of June 30, 2023, compared to 56 employees as of March 31, 2023, with labor costs around HKD 8.1 million[48]. Corporate Governance - The audit committee was established on January 19, 2018, in accordance with GEM Listing Rule 5.28, consisting of three independent non-executive directors[66]. - The committee reviewed the unaudited condensed consolidated financial statements for the period, ensuring compliance with applicable accounting standards and GEM Listing Rules[66]. - The executive directors of the company include Zheng Zengfu, Liao Lili, Xu Qitai, and Lin Xiaoling, with independent non-executive directors being Zhou Guoji, Xu Zhiqiang, and Zhao Weihuan[67]. - The company is committed to providing significant opinions on financial reporting and overseeing risk management and internal control procedures[66]. Shareholding and Securities - As of June 30, 2023, the company’s major shareholders include Zheng Zengfu and Liao Lili, each holding 164,200,000 shares, representing 48.29% of the total shares[56]. - Zheng Zengwei, Zheng Zengfu, and Liao Lili collectively own 55%, 35%, and 10% of Advance Goal's issued share capital, respectively[57]. - Chen Yi Sung holds 36,730,000 shares, accounting for 10.80% of the company's total shares[58]. - The company has not engaged in any arrangements that would allow directors or major executives to acquire rights to purchase its securities during the reporting period[61]. - There were no purchases, redemptions, or sales of the company's listed securities by the company or its subsidiaries during the reporting period[62]. - The company’s articles of association do not contain provisions regarding preemptive rights for existing shareholders to purchase new shares[64]. Compliance and Regulations - The board has reminded all directors to comply with the company's securities trading regulations and policies[54]. - Lin Xiaoling, an executive director, violated the GEM listing rules by trading company securities during the blackout period without prior notification[54]. - The company has confirmed that there are no other individuals with 5% or more ownership in the company’s shares, aside from those disclosed[60]. - The company will closely monitor notifications sent to its directors, especially regarding blackout periods, to ensure compliance[54]. Future Outlook - The company believes there is significant growth potential for Nano-AM applications, which could expand revenue sources in the construction materials market[25]. - The company expects strong demand for high-end renovation services to continue, and plans to further explore this market[27]. Other Information - The group has no capital commitments as of June 30, 2023, and June 30, 2022[44]. - The group has no significant foreign exchange risk as most transactions are conducted in HKD, with negligible foreign currency financial assets[42]. - The group maintained a current ratio of 1.9, down from 2.3 as of March 31, 2023[41]. - The group plans to use the net proceeds of approximately HKD 10.644 million from the placement of shares solely for operational funding[46].
快意智能(08040) - 2024 Q1 - 季度财报