Financial Performance - The Company reported a loss attributable to owners of approximately HK$11,596,000 for the three months ended 31 March 2023, compared to a loss of approximately HK$13,592,000 in the same period last year, representing a reduction of about 14.7%[8]. - Revenue from continuing operations was approximately HK$39,218,000 for the Period, an increase of approximately HK$17,304,000 compared to HK$21,914,000 in the same period last year, reflecting an increase of about 78.9%[8]. - Gross profit from continuing operations for the Period was approximately HK$26,479,000, compared to HK$15,217,000 in the same period last year, indicating an increase of approximately 74.0%[8]. - Loss before tax for the Period was HK$11,750,000, a decrease from HK$14,506,000 in the same period last year, showing an improvement of about 19.1%[12]. - Loss for the period from continuing operations was HK$11,776,000, compared to HK$14,515,000 in the same period last year, representing a decrease of approximately 18.9%[12]. - Total comprehensive expense for the period was HK$11,776,000, compared to HK$13,580,000 in the same period last year, indicating a reduction of about 13.3%[12]. - The loss per share for continuing operations was HK$1.54 for the three months ended March 31, 2023, compared to HK$2.40 for the same period in 2022, indicating a reduction in loss per share by approximately 35.8%[14]. - The total comprehensive expense for the period attributable to owners of the Company was HK$11,596,000, compared to HK$13,785,000 in the previous year, showing a reduction of approximately 15.9%[14]. - For the period ending March 31, 2023, the company reported a loss of HK$11,596,000, compared to a loss of HK$13,592,000 for the same period in 2022, representing a 14.7% improvement in loss[74]. Revenue and Business Segments - Revenue from the food and beverage business significantly increased to HK$34,023,000 in Q1 2023, up from HK$16,032,000 in Q1 2022, marking a growth of approximately 112.5%[27]. - The Company reported a revenue of HK$636,000 from alcoholic beverage distribution and miscellaneous business in Q1 2023, a significant increase from HK$170,000 in Q1 2022, representing a growth of approximately 274.1%[27]. - Revenue from the provision of children education services was approximately HK$1,373,000, down from HK$1,508,000 year-on-year[104]. - CD Securities recorded revenue from external customers of approximately HK$2,851,000, a decline from HK$3,413,000 in the previous year[109]. - The average daily transactions on the Hong Kong exchange declined by 12.8% to HK$127.82 billion during the first quarter[110]. Expenses and Costs - General and administrative expenses increased to HK$32,531,000 from HK$26,734,000 in the same period last year, reflecting an increase of approximately 21.6%[12]. - Finance costs for Q1 2023 totaled HK$1,093,000, an increase from HK$950,000 in Q1 2022, driven by higher interest on other borrowings[40]. - The current tax expense for Q1 2023 was HK$26,000, up from HK$9,000 in Q1 2022, reflecting increased profitability[42]. - The Group recorded a loss from changes in fair value of financial assets through profit or loss of approximately HK$6,218,000, compared to a loss of HK$4,099,000 in the previous year[116]. Dividends and Share Capital - The Board does not recommend the payment of any interim dividend for the three months ended 31 March 2023[8]. - The total number of shares issued by the Company as of March 31, 2023, was 752,901,672[155]. - The total number of issued and fully paid shares increased to 752,902,000 as of March 31, 2023, from 612,118,000 as of January 1, 2022[76]. - The company’s authorized share capital remains at HK$1,000,000,000, with an authorized share count of 100,000,000 shares[76]. Corporate Governance and Compliance - The financial statements for the three months ended March 31, 2023, are unaudited but have been reviewed by the Audit Committee, ensuring compliance with Hong Kong Accounting Standards[19]. - The Audit Committee consists of three independent non-executive Directors and has reviewed the first quarterly results for the three months ended March 31, 2023[177]. - The Company aims to comply with all Code Provisions and will regularly review and update its corporate governance practices[175]. Market and Economic Conditions - Hong Kong's economy showed visible improvement in the first quarter, driven by strong recovery in inbound tourism and domestic demand[119]. - The Group acknowledges significant challenges in the global economy, including tightening liquidity and inflation due to geopolitical tensions[120]. - The interest rate spread between the Hong Kong dollar and the United States dollar is expected to widen due to interest rate hikes in developed countries, potentially leading to gradual outflows of funds from the Hong Kong dollar to the United States dollar[124]. Business Strategy and Future Outlook - The company plans to optimize its store network and adapt to market changes to maintain competitiveness amid rising costs and increased competition[98]. - The Group plans to refine its marketing strategy through comprehensive data analysis to attract more customer visits[121]. - The Group will continue to optimize its store network and re-examine geographical advantages to achieve steady growth[121]. - The Group plans to regularly review and adjust its business strategies with a prudent and balanced risk management approach for its margin financing and money lending businesses[124]. - The Group faces uncertainties in education services, particularly in retaining students due to a decline in the student population caused by emigration[124].
国农金融投资(08120) - 2023 Q1 - 季度财报