Financial Performance - The group's revenue decreased from approximately HKD 101,291,000 in Q1 2022 to approximately HKD 92,629,000 in Q1 2023, a decline of about HKD 8,662,000 or 8.6%[7] - Gross profit fell from approximately HKD 8,697,000 in Q1 2022 to approximately HKD 8,325,000 in Q1 2023, a decrease of about HKD 372,000 or 4.3%[7] - The net profit attributable to owners of the company for Q1 2023 was approximately HKD 1,203,000, down from approximately HKD 3,396,000 in Q1 2022[8] - The total comprehensive income for the period was approximately HKD 1,202,000, compared to HKD 3,395,000 in the same period last year[10] - For the three months ended March 31, 2023, the company reported a profit of HKD 1,203,000, a decrease of 64.6% compared to HKD 3,396,000 for the same period in 2022[31] - The company's revenue for the three months ended March 31, 2023, decreased to approximately HKD 92,629,000, down by HKD 8,662,000 or 8.6% from HKD 101,291,000 for the same period in 2022[44] - The company's service costs decreased to approximately HKD 84,304,000, down by HKD 8,290,000 or 9.0% from HKD 92,594,000 for the same period in 2022[45] - Gross profit for the three months ended March 31, 2023, was approximately HKD 8,325,000, a decrease of HKD 372,000 or 4.3% from HKD 8,697,000 in the previous year, with a gross margin of 9.0%[46] - Administrative expenses increased to approximately HKD 6,379,000, up by HKD 965,000 or 17.8% from HKD 5,414,000 for the same period in 2022[47] - Financing costs rose significantly to approximately HKD 662,000, an increase from HKD 221,000 in the previous year, primarily due to higher interest expenses on bank borrowings[48] - The basic and diluted earnings per share for Q1 2023 were HKD 0.25, compared to HKD 0.70 in Q1 2022[10] Revenue Sources - The group experienced a decrease in private sector project revenue during the reporting period, impacting overall earnings[7] - Revenue from major customers included HKD 27,698,000 from Customer C and HKD 42,783,000 from Customer M, with Customer C's contribution increasing significantly from HKD 10,198,000 in the previous year[23] - Revenue from public sector projects accounted for 99.0% of total revenue, with tunnel construction services generating HKD 38,538,000 (41.6%) and utility construction services contributing HKD 53,141,000 (57.4%) for the three months ended March 31, 2023[44] Compliance and Governance - The company confirmed that the information provided in the report is accurate and complete after reasonable inquiries by the board[1] - The report is prepared in accordance with the GEM Listing Rules, ensuring compliance and transparency[1] - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[16] - The audit committee, consisting of three independent non-executive directors, reviewed the first quarter report for the period ending March 31, 2023, confirming compliance with applicable accounting standards and GEM listing rules[65] - The company maintains high standards of corporate governance, adhering to the GEM listing rules since its listing date on February 22, 2017[69] - The board confirms that the company has complied with the corporate governance code during the reporting period[71] - The company has adopted trading standards for directors' securities transactions, ensuring full compliance by all directors as of March 31, 2023[72] - The company will continue to review and enhance its corporate governance practices to meet legal requirements and regulations[70] Operational Focus and Future Outlook - The company’s operating segment primarily involves providing underground construction services in Hong Kong, with no separate financial data for independent operating segments reported[21] - The company has secured a total of approximately HKD 34,660,000 in new contracts during the first quarter of 2023, including HKD 8,055,000 from a public sector project and HKD 26,605,000 from five private sector projects[34] - As of March 31, 2023, the company has a backlog of contracts amounting to approximately HKD 947,964,000, which includes newly awarded contracts and those carried over from 2022[34] - The company is focusing on expanding its tunnel construction services, which are expected to be a major growth driver supported by several large infrastructure projects, including the Central Kowloon Route and the three-runway system at Hong Kong International Airport[40] - The Hong Kong Legislative Council has approved funding of approximately HKD 42,300,000,000 for the Central Kowloon Route, with contracts worth about HKD 28,900,000,000 already awarded to contractors[40] - The company has participated in 30 public sector projects and five private sector projects during the reporting period[34] - The company is exploring diversification opportunities within the construction industry to mitigate risks associated with reliance on public sector civil engineering projects[34] Shareholder Information - As of March 31, 2023, major shareholders Du Yanbing and Zhuang Roujia each hold 290,120,000 shares, representing 59.5% of the company's issued share capital[63] - Wu Guolun holds 39,500,000 shares, accounting for 8.1% of the company's issued share capital[63] - The company has not granted or issued any share options or adopted any share option schemes as of March 31, 2023[66] - The chairman of the company, Mr. Zhuang Junyue, will continue to serve in his role[75] Risk Management - The company reported no significant foreign currency risk as its transactions are primarily denominated in HKD[54] - There were no significant events after the reporting period that would materially affect the company's operations and financial performance[55] - The company has not identified any other individuals with recorded interests in the company's shares or related securities as of March 31, 2023[64] - No competitive interests were reported by directors or their associates in businesses that may compete with the group as of March 31, 2023[67] - If the controlling shareholder holds less than 50% of the issued shares, it will constitute a termination event[75]
骏杰集团控股(08188) - 2023 Q1 - 季度财报