Financial Performance - Revenue for the first quarter of 2023 was HKD 534,044,000, a decrease of 12.6% compared to HKD 611,226,000 in the same period of 2022[4] - The operating profit for the first quarter of 2023 was HKD 7,597,000, down 74.7% from HKD 30,034,000 in the previous year[4] - The net loss for the period was HKD 4,877,000, compared to a profit of HKD 14,831,000 in the same quarter of 2022[6] - The total comprehensive income for the period was HKD 11,811,000, a decrease of 41.2% from HKD 20,059,000 in the prior year[6] - Sales from automobile sales were HKD 373,369,000, down 17.4% from HKD 452,208,000 in the previous year[15] - Revenue from automobile services and sales of auto parts was HKD 152,930,000, slightly up from HKD 150,426,000, indicating a growth of 1.7%[15] - The basic and diluted loss per share for the first quarter was HKD 1.02, compared to earnings of HKD 3.11 per share in the same quarter of 2022[6] - For the three months ended March 31, 2023, the company's unaudited consolidated revenue decreased by 12.6% to HKD 534,044,000 from HKD 611,226,000 for the same period in 2022[22] - Revenue from automobile sales dropped by 17.4% to HKD 373,369,000 compared to HKD 452,208,000 in the previous year, primarily due to intense price competition[23] - Operating profit for the three months ended March 31, 2023, was HKD 50,256,000, a decrease of 41.4% from HKD 85,809,000 in the same period last year, with an operating margin of 9.4% compared to 14.0%[28] Other Income and Expenses - Other income increased to HKD 20,944,000 from HKD 13,436,000, representing a growth of 55.7% year-on-year[4] - Other income increased by 55.9% to HKD 20,944,000 from HKD 13,436,000, mainly due to a rise in consulting service revenue[30] - Employee benefit expenses decreased by 9.2% to HKD 34,092,000 from HKD 37,547,000, primarily due to reduced commissions resulting from lower revenue and operating profit[31] - Financial costs increased to HKD 10,874,000 from HKD 8,712,000, mainly due to an overall rise in interest rates[36] Shareholder Information - The total equity attributable to owners of the company as of March 31, 2023, was HKD 781,799,000, a decrease from HKD 835,871,000 as of March 31, 2022[8] - The company reported a loss attributable to shareholders of HKD 4,877,000 for the three months ended March 31, 2023, compared to a profit of HKD 14,831,000 in the same period of 2022[37] - Major shareholders include Mr. Luo Ping with 107,780,320 shares (22.63%) and Loh & Loh Construction Group Ltd. with 45,284,000 shares (9.51%)[44] - The company does not recommend the payment of an interim dividend for the three months ended March 31, 2023[38] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[55] - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2023, which were approved by the board on May 10, 2023[57] - The board of directors consists of four executive directors and three independent non-executive directors as of the report date[59] - The company has not granted any rights to subscribe for shares or debt securities to directors or their associates during the reporting period[47] - No share options were granted under the share option scheme during the three months ended March 31, 2023[49] - There were no purchases or redemptions of the company's listed securities during the three months ended March 31, 2023[58] - The company has no interests or holdings in any competing businesses as of March 31, 2023[48] Future Outlook - The company anticipates that short-term revenue and profitability will be adversely affected by ongoing price wars in the automotive market despite signs of recovery in China's consumer economy[39] - The company plans to continue prudent cost control measures and enhance productivity while leveraging long-term relationships with luxury automotive suppliers to seize new opportunities[39] Assets and Guarantees - As of March 31, 2023, the unaudited total assets of G.A. Holdings Limited amounted to approximately HKD 1,708,562,000[52] - The company provided guarantees to Zhongbao Group totaling HKD 161,707,000, representing 9.5% of the asset ratio, an increase from HKD 158,450,000 (0.4%) as of December 31, 2022[53]
G.A.控股(08126) - 2023 Q1 - 季度财报