Financial Performance - Revenue for the three months ended June 30, 2023, was HKD 24,510,000, a significant increase from HKD 8,977,000 in the same period of 2022, representing a growth of 172%[5] - Gross profit for the same period was HKD 5,616,000, compared to HKD 1,370,000 in 2022, indicating a gross margin improvement[5] - Operating profit for the three months ended June 30, 2023, was HKD 3,331,000, a turnaround from an operating loss of HKD 10,938,000 in the previous year[5] - The company reported a loss from continuing operations of HKD 640,000 for the period, significantly reduced from a loss of HKD 14,869,000 in 2022[5] - Total comprehensive loss attributable to equity shareholders for the period was HKD 1,082,000, compared to a loss of HKD 2,184,000 in the same period last year[6] - The basic and diluted loss per share from continuing operations was HKD 0.24, an improvement from HKD 5.67 in the previous year[6] - The group reported a post-tax loss of approximately HKD 0.6 million for the three months ended June 30, 2023, compared to a loss of HKD 14.87 million in the same period of 2022[15] - Basic and diluted loss per share from continuing operations was HKD 0.24 for the three months ended June 30, 2023, compared to HKD 5.67 in the same period of 2022[24] Equity and Liabilities - The company’s total equity attributable to shareholders decreased to HKD 8,232,000 as of June 30, 2023, down from HKD 34,314,000 a year earlier[8] - The net current liabilities of the group were approximately HKD 56.8 million as of June 30, 2023, with cash and cash equivalents of only about HKD 0.9 million, raising concerns about the group's ability to continue as a going concern[15] - Shareholders have committed not to demand repayment of approximately HKD 39.2 million in payables until the group has sufficient liquidity[17] - Bank borrowings amounting to approximately HKD 52.9 million are due for repayment on October 22, 2023, with expectations for extension based on improved financial performance post-COVID-19[17] - The company's net current liabilities as of June 30, 2023, were approximately HKD 56.8 million, a significant decrease from HKD 172.4 million as of March 31, 2023[32] - The total bank borrowings as of June 30, 2023, amounted to approximately HKD 160.9 million, down from HKD 169.8 million as of March 31, 2023[33] - The company's debt-to-asset ratio was approximately 96.7% as of June 30, 2023, compared to 96.0% as of March 31, 2023[33] Business Operations - The company continues to focus on the procurement, production, and sales of wooden products, with no significant new product launches or technological advancements reported in this quarter[10] - There were no significant market expansions or mergers and acquisitions mentioned during the earnings call[10] - The group has secured sales framework agreements with major customers for wooden products and supplementary materials, totaling approximately HKD 124.4 million[17] - The company aims to enhance productivity through improved production processes and automation to reduce costs and improve performance[26] - Future strategies include focusing on the domestic market and expanding product offerings through collaborations with other processing companies[39] - The management team is committed to creating a diverse range of customized products and maintaining high-quality standards in wood products[39] Corporate Governance - The company has fully complied with the corporate governance code as per GEM Listing Rules during the reporting period[48] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the three months ending June 30, 2023[57] - The company has adopted a strict code of conduct for securities trading in compliance with GEM Listing Rules[47] Stock Options and Shares - There were no stock options granted under the stock option plan during the three months ending June 30, 2023, and no outstanding options held by directors or employees[55] - The stock option plan allows for a maximum of 20,000,000 shares to be issued, representing approximately 7.62% of the total issued shares as of the report date[51] - The stock option plan is set to expire on February 23, 2025[53] - As of June 30, 2023, the company had a total of 262,473,333 shares issued, with significant shareholders holding 46.88% and 10.66% respectively[42] Events After Reporting Period - No significant events occurred after June 30, 2023, up to the report date[56] - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ending June 30, 2023[46]
骏东控股(08277) - 2024 Q1 - 季度财报