Financial Performance - Revenue for the nine months ended December 31, 2022, was HK$42,438,000, a decrease of 8.6% compared to HK$46,446,000 for the same period in 2021[9]. - Gross profit for the nine months ended December 31, 2022, was HK$4,130,000, down 54.0% from HK$8,974,000 in the previous year[9]. - Loss before tax for the nine months was HK$17,171,000, compared to a loss of HK$9,943,000 for the same period in 2021, representing a 72.5% increase in losses[11]. - Loss attributable to owners of the Company for the period was HK$17,171,000, which is a 72.5% increase from HK$9,943,000 in the prior year[11]. - Basic and diluted loss per share for the nine months was HK$0.11, compared to HK$0.06 for the same period in 2021[11]. - The Company reported a total comprehensive loss for the period attributable to owners of HK$17,030,000, compared to HK$9,946,000 in the previous year, indicating a 71.1% increase in comprehensive losses[11]. - The accumulated losses increased from HK$121,834,000 at the end of 2021 to HK$150,130,000 by December 31, 2022, reflecting a rise of about 23%[14]. - The Group recorded a loss of approximately HK$17 million for the nine months ended December 31, 2022, compared to a loss of approximately HK$9.9 million in the same period last year, reflecting an increase of approximately HK$7.1 million[97]. Revenue Breakdown - Revenue from design, fitting out, and engineering services for the nine months ended December 31, 2022, was HK$35,408,000, up from HK$26,828,000 in 2021, reflecting a growth of 32.1%[34]. - Revenue from leasing of construction equipment for the three months ended December 31, 2022, decreased to HK$1,600,000 from HK$4,261,000 in 2021, a decline of 62.5%[34]. - The sale of fine and rare wines generated revenue of HK$807,000 for the three months ended December 31, 2022, compared to HK$109,000 in 2021, marking a significant increase of 640.4%[34]. - Revenue generated from Hong Kong was approximately HK$41.5 million, down from HK$45.1 million in the previous year, while revenue from the PRC decreased from HK$1.3 million to HK$972,000[80]. - Revenue from public housing maintenance, improvement, and vacant flat refurbishment works amounted to approximately HK$27.4 million, representing an increase of approximately 119% compared to the last corresponding period[98]. Expenses and Costs - Administrative expenses increased to HK$20,276,000 for the nine months, up from HK$18,818,000 in the previous year, reflecting a rise of 7.7%[9]. - Finance costs for the nine months ended December 31, 2022, amounted to HK$621,000, up from HK$431,000 in the same period of 2021, indicating a rise of approximately 44%[47]. - The increase in loss was also due to a rise in project management fees by approximately HK$2.0 million and a one-off allowance for settlement of trade receivables of approximately HK$1.0 million[94]. - The Group's gross profit for the period was approximately HK$4.1 million, down by approximately HK$4.9 million from HK$9.0 million in the previous year, resulting in a gross profit margin of approximately 10%[85]. Compliance and Governance - The financial statements for the nine months ended December 31, 2022, were prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and GEM Listing Rules, ensuring compliance with regulatory requirements[17]. - The Group's auditor reported unqualified opinions on the consolidated financial statements for the year ended March 31, 2022, indicating a clean audit without significant issues[24]. - The Company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee in accordance with the GEM Listing Rules[186]. - The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing the Group's financial reporting process and internal control systems[191]. Future Outlook - The Group expects steady growth in revenue from public housing maintenance, improvement, and vacant flat refurbishment works, which will provide a sustainable income stream in the long run[99]. - The Group is optimistic about the recovery of the local economy and the gradual increase in construction works over time following the relaxation of COVID-19 restrictions[106]. - The Group has commenced a waterproofing works and maintenance services contract from the Housing Authority, expected to be completed in the coming quarter or early next financial year[100]. Share Capital and Dividends - The Group's share capital as of 31 December 2022 was HK$205,523,000, with 156,780,000 ordinary shares issued and fully paid[67]. - No dividends were recommended for the nine months ended 31 December 2022, consistent with the previous year where no dividends were declared[63]. - The Group does not recommend the payment of any dividend for the nine months ended December 31, 2022[138]. Employee and Operational Metrics - As of December 31, 2022, the Group employed 35 employees, a decrease from 45 employees as of December 31, 2021[144]. - Total remuneration for the nine months ended December 31, 2022, was approximately HK$8.6 million, down from HK$9.1 million for the same period in 2021, primarily due to a decrease in staff numbers[145]. Risk Management - The Company has acknowledged the potential risks associated with investing in small and mid-sized companies listed on GEM, which may experience higher market volatility[2]. - The Group conducts regular reviews and follow-up actions on overdue amounts to minimize credit risk exposure[131]. - The Group's loan portfolio is monitored monthly, and an aging analysis of debtors is prepared to mitigate credit risk[131].
中新控股(08125) - 2023 Q3 - 季度财报