Financial Performance - The group's gross profit for the three months ended March 31, 2023, was approximately HKD 9,600,000, an increase of about 42% compared to HKD 6,800,000 for the same period in 2022[8]. - The group reported a revenue of HKD 14,053,034 for the three months ended March 31, 2023, representing a 42% increase from HKD 10,657,918 in the same period of 2022[22]. - The group's revenue for the three months ended March 31, 2023, was approximately HKD 14,100,000, an increase of about 32% compared to HKD 10,700,000 for the same period in 2022[23]. - Revenue from advertising and media business increased by approximately 38% or HKD 3,300,000 to HKD 11,900,000, while financial services revenue slightly increased by about 6% or HKD 100,000 to HKD 2,100,000[23]. - The total revenue for Cornerstone Financial Holdings Limited for the period ended March 31, 2023, was approximately HKD 14.1 million, with a net loss of about HKD 3.6 million[48]. - Revenue from the advertising and media business was approximately HKD 11.9 million, representing a year-on-year increase of about 38%, although it has not yet returned to pre-COVID-19 levels[48]. - Revenue from financial services was approximately HKD 2.1 million, reflecting a year-on-year growth of about 6%[48]. - The company's total revenue for the three months ended March 31, 2023, was HKD 14,053,034, compared to HKD 10,657,918 in the same period last year, indicating an increase of approximately 31.5%[96]. Cost and Expenses - The total employee cost for the three months ended March 31, 2023, was approximately HKD 6,900,000, down from HKD 7,600,000 for the same period in 2022[11]. - Administrative expenses for the three months ended March 31, 2023, were approximately HKD 18,700,000, a 44% increase from HKD 13,000,000 in the same period last year[24]. - The group's earnings before interest, tax, depreciation, and amortization (EBITDA) for the three months ended March 31, 2023, was approximately HKD 5,200,000, up from HKD 3,800,000 in the previous year[26]. - The loss attributable to the company's owners for the three months ended March 31, 2023, was approximately HKD 3,500,000, compared to a loss of about HKD 6,900,000 in the same period last year[26]. Assets and Liabilities - The group's current assets net value as of March 31, 2023, was approximately HKD 176,000,000, with cash and cash equivalents around HKD 108,000,000[27]. - The debt ratio as of March 31, 2023, was approximately 1.8%, a slight decrease from 1.9% as of December 31, 2022[28]. - The total equity as of March 31, 2023, was HKD 158,827, reflecting a decrease from HKD 170,648,832 as of December 31, 2021[89]. Advertising and Media Strategy - The group continues to hold exclusive advertising sales rights for various strategic locations, including LED panels in Tsim Sha Tsui and Kwun Tong, attracting significant foot traffic[2][3][18]. - The group has established partnerships for advertising rights at AZ @ Paya Lebar and Ark @ KB, targeting small and medium enterprises in Singapore[4]. - The group is expanding its digital outdoor media network and exploring new static/LED outdoor locations to enhance its advertising reach[19]. - The group anticipates an increase in advertising spending by advertisers in 2023 as COVID-19 restrictions are lifted in Hong Kong and Singapore[19]. - The group expanded its outdoor media network in Singapore, adding a new location to have a total of twelve outdoor sites[41]. - The group maintains exclusive advertising sales rights for all media and event spaces at Galaxis, a modern business space located above One-North MRT station[43]. - The company operates seven large LED panels in strategic locations in Hong Kong, leveraging its successful experience in digital media operations[80]. Future Outlook and Growth - Management expresses cautious optimism regarding future business prospects as the global economy recovers post-COVID-19[48]. - The company continues to seek new investment opportunities in various growth sectors to diversify its business[48]. - The management plans to expand the margin financing business to tap into the potential high-net-worth client base in China[76]. - The company is upgrading its digital media panels to pDOOH displays in Singapore, anticipating significant growth in this area over the coming years[79]. - The partnership with Hivestack for programmatic digital out-of-home (pDOOH) advertising has been successfully extended to Hong Kong, with expectations for significant growth in this area[57]. Corporate Governance and Compliance - The company has complied with the GEM Listing Rules and corporate governance codes since January 1, 2022, with no reported violations for the three months ended March 31, 2023[137]. - The audit committee reviewed the unaudited financial information for the first quarter, confirming compliance with applicable accounting standards and sufficient disclosure[139]. - The company has not established an internal audit function but will appoint an independent external consulting firm to audit its risk management and internal control systems annually[138]. - The audit committee consists of three independent non-executive directors and is responsible for reviewing the company's risk management and internal control systems[151]. - There were no conflicts of interest reported among directors or major shareholders during the three months ended March 31, 2023[135]. Shareholder Information - The company had issued a total of 229,418,448 shares, with no individual or company holding 5% or more of the shares as of March 31, 2023[146]. - The company completed a rights issue on April 26, 2022, issuing 172,063,836 shares at a subscription price of HKD 0.38 per share[141]. - The basic loss per share for the three months ended March 31, 2023, was HKD 3,499,861, with a weighted average number of shares of 229,418,448, compared to a loss of HKD 6,913,730 and 57,916,687 shares for the same period in 2022[128]. Dividend and Capital Expenditure - The board did not recommend any dividend payment for the three months ended March 31, 2023, consistent with the previous year[10]. - Capital expenditure for the three months ended March 31, 2023, was HKD 64,000[98]. - Depreciation of property, plant, and equipment for the three months ended March 31, 2023, amounted to HKD 185,809[98].
基石金融(08112) - 2023 Q1 - 季度财报