Revenue Performance - During the Reporting Period, the Group's revenue was approximately HK$42,653,000, representing a decrease of approximately 5.4% from approximately HK$45,083,000 in the corresponding period last year[20]. - Revenue from the retail chain business in lighting and designer label furniture was approximately HK$42,636,000, a decrease of approximately 5.0% from approximately HK$44,862,000 in the corresponding period last year[21]. - Revenue from the tableware, giftware, and other business was approximately HK$17,000, representing a significant decrease of approximately 92.3% from approximately HK$221,000 in the corresponding period last year[22]. - For the six months ended September 30, 2022, the company's revenue was HK$42,653,000, a decrease of 5.5% compared to HK$45,083,000 for the same period in 2021[140]. - Revenue for the three months ended 30 September 2022 was HK$20,849,000, a decrease of 14.3% compared to HK$24,359,000 for the same period in 2021[183]. Profitability - The group's gross profit was approximately HK$23,448,000, representing a decrease of approximately 5.8% from approximately HK$24,902,000 in the corresponding period last year, with a gross profit margin of approximately 55.0%[28][33]. - The group recorded a profit of approximately HK$2,246,000 during the reporting period, compared to a profit of approximately HK$2,932,000 in the same period last year[31][36]. - Profit before income tax for the six months was HK$2,465,000, a decline of 27.1% from HK$3,384,000 in 2021[140]. - The company reported a profit attributable to owners of HK$2,246,000, which is a decrease of 23.4% compared to HK$2,932,000 in the prior year[140]. - Profit before income tax for the three months ended 30 September 2022 was HK$56,000, a decrease of 96.5% from HK$1,603,000 in 2021[187]. Expenses and Costs - Selling and distribution expenses were approximately HK$14,061,000, a decrease of approximately 2.7% from approximately HK$14,458,000 in the previous year[29][34]. - Administrative and other expenses increased by approximately 15.9% to approximately HK$7,762,000 from approximately HK$6,695,000 in the previous year[30][35]. - Employee costs for the six months ended 30 September 2022 totaled HK$10,053,000, an increase of 11.4% from HK$9,022,000 in the same period of 2021[190]. Market Outlook and Strategy - The Directors expect a recovery in the retail market when social distancing rules are relaxed, with the Electronic Consumption Voucher Scheme anticipated to stimulate local consumption in the last quarter of 2022[12]. - The Group will continue to focus on consolidating its retail network, optimizing product mix, and intensifying cost control to stabilize growth through cautious strategic planning[18]. - The Group is actively developing smart home and related products, seeking new opportunities in these businesses[18]. - The Group aims to maintain a streamlined business operation while being responsive to market changes and catering to consumers' specific needs[19]. - The Group is cautiously optimistic about its future development, leveraging support from the capital market and global trends towards energy saving and environmental protection[19]. - The retail market in Hong Kong remains challenging, influenced by the local epidemic's development[12]. - The Group will closely monitor the business environment and adjust its product strategies accordingly[12]. Tenancy Agreements - The renewal of the tenancy agreement for the Wanchai shop was finalized on July 8, 2022, with a term of two years from August 1, 2022, to July 31, 2024, at an aggregate value of not less than HK$2,208,000[39][41]. - The renewal of the tenancy agreement is considered a discloseable transaction under GEM Listing Rules, as the applicable percentage ratios exceed 5% but are below 25%[45][47]. - The renewal of the tenancy agreement for the warehouse will be effective from August 1, 2022, for a term of two years, ending on July 31, 2024[52]. - The total consideration for the warehouse lease is not less than HK$2,611,000, which represents the aggregate monthly rental for the two-year term[52]. - Major Will Limited has entered into a tenancy agreement for Mongkok Shop Premises 1, effective from January 1, 2023, for a term of two years[63]. - The total consideration for the Mongkok Shop Premises 1 lease is not less than HK$2,070,000 for the two-year term[63]. - Major Will Limited has also finalized a tenancy agreement for Mongkok Shop Premises 2 on October 26, 2022[65]. Financial Position - As of September 30, 2022, the Group had cash and bank balances of approximately HK$17,267,000, an increase from approximately HK$13,855,000 as of March 31, 2022[77]. - The Group's gearing ratio was nil as of September 30, 2022, indicating no bank borrowings, consistent with the previous period[77]. - Total equity attributable to the owners of the Company amounted to approximately HK$29,291,000 as of September 30, 2022, up from approximately HK$27,045,000 as of March 31, 2022[80]. - The Group does not have any significant capital commitments as of September 30, 2022[90]. - The Group has no charges on its assets as of September 30, 2022[88]. - Total non-current assets decreased from HK$22,697,000 as of 31 March 2022 to HK$19,515,000 as of 30 September 2022, a decline of approximately 14.4%[143]. - Current assets increased from HK$31,653,000 as of 31 March 2022 to HK$35,926,000 as of 30 September 2022, an increase of approximately 13.5%[143]. - Net current assets improved from HK$10,939,000 as of 31 March 2022 to HK$15,192,000 as of 30 September 2022, reflecting a growth of approximately 38.9%[143]. - Total consolidated assets amounted to HK$55,441,000, an increase from HK$54,350,000 as of March 31, 2022[180]. - Total consolidated liabilities decreased to HK$26,150,000 as of September 30, 2022, down from HK$27,305,000 as of March 31, 2022[180]. Shareholder Information - Mr. Hui Kwok Keung Raymond holds 210,000,000 shares, representing approximately 46.56% of the total issued shares[112]. - Mr. Hue Kwok Chiu holds 45,000,000 shares, which is approximately 9.98% of the total issued shares[112]. - Time Prestige Ventures Limited, a company wholly-owned by Mr. Hui Kwok Keung Raymond, is a beneficial owner of 210,000,000 shares, equating to 46.56% of the total issued shares[118]. Compliance and Governance - The company has complied with the corporate governance code provisions during the reporting period[99]. - The Audit Committee reviewed the unaudited consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[132]. - The company maintained a sufficient public float as of the report date[133]. - The company did not have a compliance adviser after the engagement of Ample Capital Limited ended on June 30, 2017[126].
壹照明(08222) - 2023 - 中期财报