Financial Performance - The Group recorded a revenue of approximately HK$65.1 million for the three months ended 30 June 2023, representing a decrease of approximately HK$57.5 million or 46.9% compared to the same period in 2022[7]. - The Group reported a net loss of approximately HK$0.6 million for the three months ended 30 June 2023, a decline from a net profit of approximately HK$3.7 million for the same period in 2022[8]. - The decrease in revenue was primarily due to a reduction in sales of marine diesel oil[8]. - Gross profit for the three months ended 30 June 2023 was approximately HK$3.7 million, down from HK$5.2 million in the same period of 2022[12]. - The loss before taxation for the period was approximately HK$0.6 million, compared to a profit before taxation of approximately HK$3.7 million in the same period of 2022[12]. - Basic and diluted loss per share attributable to owners of the Company was HK$0.45, compared to earnings of HK$3.67 per share in the previous year[14]. - The Group's total comprehensive loss for the period was approximately HK$0.6 million, compared to a total comprehensive profit of approximately HK$3.7 million in the same period of 2022[14]. - The company reported a loss of HK$621,000 for the three months ended June 30, 2023, compared to a profit of HK$3,703,000 for the same period in 2022[16]. - The cost of sales for the Group was approximately HK$61.4 million, representing a decrease of approximately 47.7% from approximately HK$117.4 million for the three months ended 30 June 2022[72]. - The Group recorded a loss of approximately HK$0.6 million for the three months ended 30 June 2023, compared to a profit for the same period in 2022, resulting in a negative net profit margin of approximately 1.0%[75]. Dividends and Share Capital - The Board does not recommend the payment of any dividend for the three months period ended 30 June 2023[8]. - The company did not recommend any dividend for the three months ended June 30, 2023, consistent with the previous year[51]. - The share capital increased from HK$10,080,000 on April 1, 2022, to HK$13,752,000 on April 1, 2023, representing a growth of approximately 36.5%[16]. - The share premium rose from HK$74,701,000 on April 1, 2022, to HK$83,070,000 on April 1, 2023, indicating an increase of about 11.5%[16]. Expenses and Costs - Administrative expenses for the period were approximately HK$3.4 million, compared to HK$3.9 million in the previous year[12]. - Other gains and losses for the period amounted to approximately HK$1.5 million, down from HK$5.9 million in the same period of 2022[12]. - Interest expenses on bank borrowings increased to HK$273,000 from HK$33,000, indicating a significant rise in financing costs[45]. - Total staff costs for the three months ended June 30, 2023, were approximately HK$2.5 million, compared to approximately HK$2.3 million for the same period in 2022, reflecting an increase of about 8.7%[117]. - The Group reported a total of HK$1,707,000 in other staff costs, an increase from HK$1,567,000 in the previous year, reflecting a rise of 8.9%[42]. Business Operations - The company is primarily engaged in the sale and transportation of diesel oil and related products in Hong Kong[21]. - The Group operates solely in Hong Kong, with all revenue derived from external customers located in the same region[34]. - The Group plans to deploy more resources on talent recruitment and strengthen its business development and marketing strategy in the diesel oil market[66]. - The business environment for diesel oil and marine diesel oil is expected to improve due to stable investment in public infrastructure and the recovery of the logistics industry in Hong Kong[61]. - The decrease in revenue was mainly attributed to fluctuations in international oil prices and fierce price competition in the industry[68]. Financial Position - As of June 30, 2023, the total equity of the company was HK$100,633,000, a decrease from HK$101,254,000 as of April 1, 2023, reflecting a decline of approximately 0.62%[16]. - The Group's current assets amounted to approximately HK$115.9 million as at 30 June 2023, down from approximately HK$153.3 million as at 30 June 2022, while current liabilities decreased to approximately HK$70.6 million from approximately HK$113.4 million[81]. - The current ratio improved to approximately 1.6 as at 30 June 2023, compared to approximately 1.4 as at 30 June 2022[81]. - The Group's gearing ratio decreased significantly to approximately 26.1% as at 30 June 2023 from approximately 53.9% as at 30 June 2022[83]. - The maximum limit of borrowing facilities available to the Group increased to approximately HK$75.1 million as at 30 June 2023, compared to approximately HK$59.3 million as at 30 June 2022[82]. Corporate Governance - The Company has maintained high corporate governance standards and complied with the Corporate Governance Code during the three months ended June 30, 2023[174]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, confirming compliance with applicable accounting standards[155]. - The Company confirmed that all Directors complied with the required standard of dealings regarding securities transactions as of the report date[173]. - The Company is committed to continuously reviewing and improving corporate governance practices[178]. - The Company established a Remuneration Committee on March 23, 2017, comprising two independent non-executive Directors and one executive Director[165]. Environmental Compliance - The Group has implemented various environmental protection measures to minimize operational impact, complying with Hong Kong environmental laws[122]. - No prosecution, penalty, or punishment has been imposed on the Group for violations of environmental laws as of the report date[128]. - The Group continues to monitor business operations to ensure compliance with environmental protection measures[123]. Shareholding Structure - Mr. Fong Chun Man holds 75,686,400 shares, representing 55.04% of the total shareholding[136]. - Ms. Lo Pui Yee, as the spouse of Mr. Fong Chun Man, is also deemed to hold 75,686,400 shares, representing 55.04% of the total shareholding[136]. - As of June 30, 2023, Grand Tycoon Limited holds 75,686,400 shares, representing 55.04% of the total shareholding[141]. - The shares held by Grand Tycoon Limited are fully owned by Mr. Fong Chun Man, who is deemed to have an interest in all shares held[142]. Miscellaneous - The Group did not engage in any derivatives agreements or commit to any financial instruments to hedge its foreign exchange exposure during the three months ended 30 June 2023[96]. - There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the three months ended June 30, 2023[98]. - No significant events requiring disclosure occurred from June 30, 2023, to the date of this report[124]. - The report will be available on the Stock Exchange website for at least 7 days from the posting date[176].
F8企业(08347) - 2024 Q1 - 季度财报