Financial Performance - Revenue for the three months ended June 30, 2022, was HK$11,716,000, a decrease of 27.3% compared to HK$16,205,000 for the same period in 2021[9] - Gross profit for the same period was HK$1,090,000, down 60.0% from HK$2,720,000 in 2021[9] - Loss before tax increased to HK$5,988,000 for the three months ended June 30, 2022, compared to a loss of HK$3,430,000 in the prior year, representing a 74.5% increase[11] - Total comprehensive loss attributable to owners of the Company for the period was HK$5,860,000, compared to HK$3,431,000 in the same period last year, indicating a 70.9% increase[11] - Basic and diluted loss per share for the period was HK$0.04, compared to HK$0.02 in the previous year, reflecting a 100% increase in loss per share[11] - The Group's accumulated losses as of June 30, 2022, were HK$138,947,000, compared to HK$115,321,000 at the same time in 2021[13] - The Group reported a segment loss of HK$4,137,000 for the three months ended June 30, 2022, compared to a loss of HK$1,213,000 for the same period in 2021[44] - Loss attributable to owners of the Company for the three months ended June 30, 2022, was HK$5,988,000, compared to HK$3,430,000 in 2021[64] - The Group recorded a loss of approximately HK$6 million for the three months ended 30 June 2022, an increase of approximately HK$2.6 million from a loss of HK$3.4 million in the same period in 2021[101] Revenue Breakdown - The Group's revenue for the three months ended June 30, 2022, includes income from design, fitting out, engineering, procurement of furnishings, rental and installation services, sale of fine wines, and interest income from money lending[30] - Revenue from design, fitting out, and engineering services was HK$9,790,000, up 11.9% from HK$8,746,000 in the previous year[36] - Revenue from leasing construction equipment decreased to HK$1,660,000, down 50% from HK$3,325,000 year-on-year[36] - Sale of fine and rare wines generated revenue of HK$125,000, a significant decline of 96.9% from HK$3,991,000 in the same period last year[36] - Revenue from the leasing of construction equipment was approximately HK$1.7 million, down approximately HK$1.6 million from HK$3.3 million in the previous year, attributed to delays caused by COVID-19[86] - Revenue from the sourcing and merchandising of fine and rare wines dropped significantly to HK$125,000 from HK$3.99 million, a decrease of approximately HK$3.9 million[87] - Revenue from design, fitting out, and engineering services increased by approximately HK$1.0 million to approximately HK$9.8 million compared to HK$8.8 million in the previous year[89] Expenses and Costs - Administrative expenses for the three months ended June 30, 2022, were HK$6,369,000, slightly up from HK$6,230,000 in 2021[9] - Unallocated central administrative costs amounted to HK$1,972,000, contributing to the overall loss before tax of HK$5,988,000[41] - Total salaries and wages included in cost of sales/services rendered rose to HK$569,000 in 2022 from HK$420,000 in 2021[53] - Cost of inventories sold decreased significantly to HK$2,100,000 in 2022 from HK$4,848,000 in 2021, indicating improved inventory management[53] Financial Position - As of June 30, 2022, the Group's net current assets were approximately HK$15.0 million, an increase from HK$14.0 million as of March 31, 2022[121] - The current ratio improved to approximately 1.8 times as of June 30, 2022, compared to 1.7 times as of March 31, 2022[121] - Total equity attributable to owners of the Company decreased to approximately HK$66.6 million as of June 30, 2022, down from HK$72.4 million as of March 31, 2022[125] - The Group's gearing ratio increased to approximately 29.7% as of June 30, 2022, compared to 21.3% as of March 31, 2022, due to additional borrowings[126] Governance and Compliance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and comply with the GEM Listing Rules[16] - The Group has adopted new/revised HKFRSs effective from April 1, 2022, but these have had no material effect on the reported amounts[28] - The auditor's report for the year ended March 31, 2022, was unqualified and did not contain any emphasis of matter[23] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2022, ensuring compliance with applicable accounting standards and GEM Listing Rules[175] - The Company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee as per GEM Listing Rules[170] - The Company has adopted the principles and code provisions of the Corporate Governance Code to ensure proper regulation of business activities[170] - The Company has internal policies in place to ensure compliance with the Corporate Governance Code[173] Market and Future Outlook - The Company continues to face high market volatility risks associated with being listed on the GEM of the Stock Exchange of Hong Kong[2] - The Group is currently assessing the impact of new accounting standards that will be effective from January 1, 2023, but does not expect significant effects on the financial statements[32] - The Group is actively seeking new projects and negotiating with contractors to improve the lease out rate of scaffolding equipment[113] - The Group expects the leasing of scaffolding equipment to become a steady and sustainable business as the COVID-19 pandemic stabilizes and the local economy recovers[116] - Forward-looking statements regarding business development are not guaranteed to be attainable or accurate, and caution is advised for shareholders and potential investors[176] Shareholder Information - As of June 30, 2022, Hong Kong ChaoShang Group Limited holds 43,122,600 shares, representing approximately 27.57% of the issued shares[144] - The total number of shares available for issue under the share option scheme is 3,000,000 shares, which is 10% of the issued shares as of the listing date[153] - As of June 30, 2022, the total number of shares represented by options granted and to be granted under the scheme shall not exceed 1% of the total number of shares in issue, equating to 1,567,800 shares[154] - No share options have been granted by the company since the adoption of the share option scheme[155] - During the three months ended June 30, 2022, no directors dealt in the shares of the company[157] - During the three months ended June 30, 2022, the Company and its subsidiaries did not purchase, sell, or redeem any of the Company's securities[161] - The Company maintained the public float required by the GEM Listing Rules during the three months ended June 30, 2022[163] - No equity-linked agreements were entered into by the Group during the three months ended June 30, 2022[162]
中新控股(08125) - 2023 Q1 - 季度财报