Financial Performance - The total revenue for the group in Q1 2023 was approximately HKD 2,850,000, a decrease of about 94.7% compared to HKD 53,600,000 in the same period of 2022[6] - The pre-tax loss for the period was approximately HKD 21,000,000, which is a reduction of about 7.5% from a pre-tax loss of HKD 22,700,000 in Q1 2022[6] - The loss attributable to equity holders of the company was approximately HKD 20,200,000, down 7.8% from HKD 21,900,000 in the same period last year[6] - The loss per share for the period was approximately HKD 1.57, compared to HKD 1.70 in Q1 2022[7] - The gross loss for the period was HKD 1,230,000, compared to a gross loss of HKD 3,465,000 in the same period of 2022[9] - The total comprehensive loss for the period was HKD 21,537,000, compared to HKD 20,947,000 in Q1 2022[10] - The group recorded a loss of approximately HKD 21,000,000 for the period (2022: HKD 22,700,000), with a loss attributable to equity holders of approximately HKD 20,200,000 (2022: HKD 21,900,000)[37] Revenue Breakdown - Revenue from trading business was HKD 136,000, a significant decrease from HKD 50,219,000 in the previous year, reflecting a decline of approximately 99.73%[21] - Revenue from the storage of petrochemical products was HKD 2,712,000, down from HKD 3,357,000 in the previous year, indicating a decrease of about 19.2%[21] - Total revenue for the period was HKD 2,848,000, a decline of approximately 94.7% compared to HKD 53,576,000 in the same period last year[21] - The group's revenue decreased by approximately 94.7% to about HKD 2,850,000 (2022: HKD 53,600,000) due to various factors including trade business decline[36] Cost and Expenses - Administrative expenses for the period were HKD 10,987,000, a decrease from HKD 12,479,000 in Q1 2022[9] - The group's cost of revenue decreased by approximately 92.8% to about HKD 4,080,000 (2022: HKD 57,000,000), primarily due to reduced trade business revenue[36] - Financing costs increased to HKD 6,824,000 from HKD 5,387,000 in the same period last year[9] - The company incurred financing costs of HKD 6,823,000, an increase from HKD 5,387,000 in the previous year, representing an increase of 26.6%[23] Dividends and Shareholder Information - The company did not recommend any interim dividend for the period, consistent with the previous year[26] - The group did not recommend any interim dividend for the period (2022: none)[39] - As of March 31, 2023, major shareholders include Da Feng Port Overseas with 740,040,000 shares, representing approximately 57.46% of the issued share capital[56] - Jiang Wen holds 75,470,000 shares, accounting for 5.86% of the issued share capital, alongside his spouse Li Qiuhua who also holds the same number of shares[56] Corporate Governance - The audit committee reviewed the first-quarter financial statements, which were not audited by the company's auditor but were deemed compliant with applicable accounting standards and regulations[66] - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[63] - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring transparency and compliance[66] - The board of directors consists of a mix of executive and independent non-executive members, ensuring a balanced governance structure[68] Market Conditions and Future Outlook - The company continues to face significant challenges in revenue generation and cost management, impacting overall financial performance[6] - The trading business has been significantly affected by ongoing trade tensions between China and the United States, as well as the impacts of the COVID-19 pandemic[33] - The company continues to monitor global economic conditions and aims to minimize impacts from geopolitical tensions and inflationary pressures[31] - The company is actively seeking new trading opportunities to mitigate the decline in revenue from its trading business[33] - The group anticipates that the Chinese economy will gradually recover from the pandemic and will focus resources on business opportunities in Yancheng, Jiangsu Province[49] Investments and Assets - The group has no significant future investment or capital asset plans as of March 31, 2023, but will continue to monitor the industry closely[48] - The group has not engaged in any major investments, acquisitions, or disposals of subsidiaries and associates during the period[47] - The group has no significant contingent liabilities as of March 31, 2023 (2022: none)[50] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[59] - No additional disclosures regarding shareholdings were made beyond those listed as of March 31, 2023[58] - The company has not identified any other individuals or entities with disclosable interests in its shares as of the reporting date[58]
盐城港(08310) - 2023 Q1 - 季度财报