Financial Performance - For the three months ended June 30, 2023, the company reported revenue of HKD 257,445,000, an increase of 15.3% compared to HKD 223,331,000 for the same period in 2022[5] - The gross profit for the same period was HKD 19,102,000, slightly down from HKD 19,239,000 in 2022, resulting in a gross margin of 7.4%[5] - The company recorded a profit attributable to owners of HKD 2,071,000, a decrease of 46.5% from HKD 3,879,000 in the previous year[5] - Basic and diluted earnings per share were HKD 0.35, down from HKD 0.65 in the same quarter of 2022[5] - The group's gross profit decreased from approximately HKD 19,239,000 to about HKD 19,102,000, a decline of approximately HKD 137,000 or 0.7%[30] - The gross profit margin fell from 8.6% to 7.4%, a decrease of about 1.2%[30] - The company reported other income of HKD 423,000, significantly lower than HKD 1,188,000 in the previous year[16] - Other income decreased from approximately HKD 1,188,000 to about HKD 423,000, primarily due to the absence of government subsidies received in the previous period[31] - The company incurred total employee costs of HKD 212,273,000, up from HKD 182,695,000 in 2022, reflecting an increase of 16.2%[20] - The current tax expense for the period was HKD 2,753,000, compared to HKD 1,521,000 in 2022, marking an increase of 80.9%[19] Revenue Breakdown - Revenue from street cleaning solutions increased to HKD 209,493,000, up 21.8% from HKD 171,913,000 in 2022[15] - Revenue from building cleaning solutions decreased to HKD 21,825,000, down 9.0% from HKD 24,160,000 in 2022[15] - The income from cleaning solutions services was approximately HKD 254,700,000, representing a 15.3% increase from HKD 220,800,000 in the same period of 2022[24] Expenses and Costs - Administrative expenses rose to HKD 16,436,000, compared to HKD 13,911,000 in the same period last year, reflecting an increase of 18.1%[5] - The increase in administrative expenses was mainly due to higher depreciation, insurance costs, and bank fees[32] - Financing costs increased to HKD 1,493,000 from HKD 1,164,000, representing a rise of 28.3%[5] - Financing costs rose from approximately HKD 1,164,000 to about HKD 1,493,000, an increase of approximately HKD 329,000 or 28.3%[34] Shareholder Information - The board did not recommend the payment of dividends for the period ending June 30, 2023[36] - Shareholders, including Mr. Huang Chuang Cheng, Mr. Huang Wan Cheng, and Mr. Huang Zhi Hao, collectively hold 369,000,000 shares, representing 61.50% of the company's equity[37] - Major shareholders include Wan Cheng Global Limited and Li Hang Investment Limited, each holding 175,500,000 shares, representing 29.25% of the company[41] - Wong Lai Man and Wan Wing Ting, both spouses of directors, hold 369,000,000 shares each, accounting for 61.50% of the company[41] Strategic Focus and Outlook - The company continues to focus on expanding its cleaning and property management services, with a strategic emphasis on enhancing operational efficiency and service quality[9] - The company aims to secure more government contracts and explore new opportunities in the private sector to expand its customer base[28] - The management is optimistic about the recovery of the Hong Kong economy and the prospects for the cleaning services industry[26] - The company plans to leverage its financial resources to enhance business operations and improve service quality for maximizing shareholder returns[28] Corporate Governance - The company has adhered to all applicable provisions of the Corporate Governance Code during the reporting period[45] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements[51] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[44] - No share options have been granted under the share option scheme since its adoption until June 30, 2023[49]
万成环球控股(08309) - 2024 Q1 - 季度财报