Financial Performance - Total revenue for the first quarter of 2023 was HK$119,311,000, a significant increase from HK$4,714,000 in the same period of 2022, representing a growth of approximately 2,426%[9] - Profit for the period was HK$872,000, a turnaround from a loss of HK$9,501,000 in the first quarter of 2022, marking a positive change of approximately HK$10,373,000[10] - Total comprehensive income for the period was HK$1,142,000, compared to a loss of HK$9,417,000 in the same period last year, reflecting a substantial improvement[10] - Basic and diluted earnings per share for the first quarter of 2023 were HK$0.11, compared to a loss of HK$1.02 per share in the first quarter of 2022[10] - For the three months ended March 31, 2023, the profit attributable to owners of the Company was HK$872,000, a significant improvement from a loss of HK$8,461,000 in the same period of 2022[36] - The Group achieved a profit of approximately HK$0.9 million for the three months ended March 31, 2023, reversing from a loss of approximately HK$9.5 million in the same period of 2022[75] Revenue Sources - Sales of metal contributed HK$111,116,000 to total revenue, compared to HK$4,268,000 in the first quarter of 2022, indicating a growth of about 2,500%[9] - For Q1 2023, the revenue of the metal trading business reached approximately HK$111.1 million, a significant increase from approximately HK$4.3 million in Q1 2022, indicating strong recovery and growth[56][59] - The education management services segment contributed approximately HK$8.2 million in revenue during Q1 2023, up from approximately HK$0.4 million in Q1 2022[65][68] Cost Management - Employee costs decreased to HK$2,613,000 from HK$3,644,000 in the previous year, showing a reduction of approximately 28%[9] - Other operating expenses were reduced to HK$1,881,000 from HK$4,515,000, indicating a decrease of about 58%[9] - Employee costs decreased by approximately HK$1 million for the three months ended March 31, 2023[80] - Other operating expenses decreased by approximately HK$2.6 million for the three months ended March 31, 2023[80] Inventory and Assets - The carrying value of inventories sold was HK$110,869,000, compared to HK$4,261,000 in the same period of 2022, reflecting a significant increase in inventory turnover[9] - As of March 31, 2023, the total equity of Loco Hong Kong Holdings Limited was HK$24,418,000, a decrease from HK$38,303,000 as of March 31, 2022, reflecting a comprehensive loss for the period[12] - The company’s accumulated losses increased to HK$164,995,000 as of March 31, 2023, from HK$159,103,000 as of March 31, 2022[12] Tax and Dividends - Current tax expense for the three months ended March 31, 2023, was HK$1,692,000, with no provision made for Hong Kong profits tax due to tax losses incurred[29][30] - The company did not recommend any dividend payment for the three months ended March 31, 2023, consistent with the previous year[32] Strategic Initiatives - The Group successfully acquired a new client, Sichuan Cloud Port International (Hong Kong) Limited, contributing approximately HK$104 million in revenue during Q1 2023[44] - The Group plans to consolidate relationships with existing clients and expand the range of products covered by its supply chain services[51] - The Group aims to explore new business opportunities in the domestic and international metal supply chain industry[53] - The Group's education management services are focused on enhancing the quality and operations of educational institutions in Chengdu, which has a growing population and increasing resident income[58][61] Governance and Compliance - The company complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and CEO[114] - The Audit Committee, established on July 22, 2014, has reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2023, prior to recommending them for Board approval[121] - The company has confirmed compliance with the securities trading code by all Directors for the three months ended March 31, 2023[119]
港银控股(08162) - 2023 Q1 - 季度财报