Financial Performance - The Group's revenue for the three months ended June 30, 2023, was approximately HK$19,568,000, representing a decrease of approximately 10.3% from HK$21,804,000 in the corresponding period last year[16]. - The Group's gross profit during the Reporting Period was approximately HK$10,562,000, a decrease of approximately 11.6% from HK$11,950,000 in the same period last year, with an overall gross profit margin of approximately 54.0%[17]. - The Group recorded a loss of approximately HK$283,000 for the three months ended June 30, 2023, compared to a profit of approximately HK$2,190,000 in the same period last year[24]. - For the three months ended June 30, 2023, the company recorded a loss of approximately HKD 283,000, compared to a profit of approximately HKD 2,190,000 for the same period in 2022[28]. - The company reported a loss before income tax of HK$315,000, compared to a profit of HK$2,414,000 in the previous year[72]. - The total comprehensive income attributable to the owners of the company for the period was a loss of HK$283,000, compared to a profit of HK$2,190,000 in the same period last year[72]. - Basic and diluted loss per share for the period was HK$0.06, compared to earnings of HK$0.49 per share in the prior year[72]. - For the three months ended June 30, 2023, the company's revenue was HK$19,568,000, a decrease of 10.14% compared to HK$21,804,000 for the same period in 2022[93]. - Other income for the same period was HK$0, down from HK$884,000 in 2022, which included government grants of HK$760,000[95]. - Employee costs for the three months ended June 30, 2023, totaled HK$4,165,000, a decrease of 5.69% from HK$4,416,000 in 2022[100]. - The company reported a Hong Kong Profits Tax credit of HK$32 for the three months ended June 30, 2023, compared to an expense of HK$224 in 2022[103]. - Basic and diluted (loss)/earnings per share for the period were calculated to be HK$(0.00063) for 2023, compared to HK$0.00486 for 2022, reflecting a decrease of approximately 112.9%[109][110]. Expenses and Cost Management - Selling and distribution expenses increased by approximately 3.6% to HK$7,273,000 from HK$7,019,000 in the previous year, primarily due to increased depreciation on right-of-use assets[22]. - The Group's administrative and other expenses remained stable at approximately HK$3,123,000, similar to the corresponding period last year[23]. - The company's administrative and other expenses for the reporting period were approximately HKD 3,123,000, maintaining a similar level compared to the same period last year[27]. - Loss before tax for the three months ended June 30, 2023, was not specified, but costs of inventories recognized as expenses were HK$7,631,000, compared to HK$8,286,000 in 2022[98]. Dividend and Shareholder Information - The Board does not recommend the payment of any dividend for the three months ended June 30, 2023, consistent with the previous year[25]. - The board of directors did not recommend the payment of any dividends for the three months ended June 30, 2023, consistent with the previous year[29]. - As of June 30, 2023, Mr. Hui Kwok Keung Raymond held 210,000,000 shares, representing approximately 46.56% of the total issued shares[45]. - Mr. Hue Kwok Chiu, as a beneficial owner, held 45,000,000 shares, which is approximately 9.98% of the total issued shares[45]. - Time Prestige Ventures Limited, a company wholly owned by Mr. Hui Kwok Keung Raymond, is the beneficial owner of 210,000,000 shares, representing approximately 46.56% of the total issued shares[47]. - As of June 30, 2023, there were no interests or short positions in the shares or underlying shares of the company recorded for any directors or chief executives, apart from those disclosed[48]. Corporate Governance and Compliance - The company has complied with the corporate governance code provisions during the reporting period[31]. - The audit committee reviewed the unaudited consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[64]. - The company has maintained a sufficient public float as of the date of the report[69]. - The company has adopted all new and revised HKFRSs relevant to its operations, with no significant effects on the results for the current and prior periods[84]. - The company is assessing the potential impact of new and revised HKFRSs that will be effective in future periods[85]. - The unaudited condensed consolidated financial statements have been reviewed by the company's audit committee[90]. Business Strategy and Market Outlook - The Group plans to continue optimizing its product mix and intensifying cost control while developing smart home and related products[11]. - The Directors foresee ongoing challenges in the Hong Kong retail market due to the post-local epidemic environment, prompting a cautious approach to business strategies[10]. - The Group aims to maintain a streamlined operation while being responsive to market changes and consumer needs[15]. - The Group is cautiously optimistic about future development, leveraging global trends in energy saving and environmental protection[15]. Share Option Scheme - The company has adopted a share option scheme to attract and retain personnel and provide additional incentives to eligible participants[56]. - The share option scheme will be valid for a period of ten years from its adoption date of September 11, 2014[57]. - As of June 30, 2023, the total number of shares available for issue under the Share Option Scheme is 40,000,000 shares, representing approximately 8.87% of the total issued shares[61]. - The company has not granted any share options since the adoption of the Share Option Scheme in September 2014[61]. Company Operations - The principal activity of the company is investment holding, while the group is engaged in retail and wholesale businesses in lighting and household products[78]. - The company operates primarily in the retail chain business of lighting and designer brand furniture and home products in Hong Kong[81]. - For the three months ended June 30, 2023, the company reported a loss attributable to owners of HK$283,000, compared to a profit of HK$2,190,000 in the same period of 2022, indicating a significant decline in performance[109]. - The weighted average number of shares for calculating basic and diluted (loss)/earnings per share remained constant at 451,036 shares for both 2023 and 2022[109].
壹照明(08222) - 2024 Q1 - 季度财报