Financial Performance - Total revenue for the three months ended March 31, 2022, increased by approximately 47.2% to about HKD 26.2 million compared to HKD 17.8 million in the same period of 2021[9] - Gross profit for the three months ended March 31, 2022, was approximately HKD 4.9 million, up about 44.1% from HKD 3.4 million in the same period of 2021[13] - Revenue for the three months ended March 31, 2022, was HKD 26,206 thousand, an increase from HKD 17,842 thousand for the same period in 2021, representing a growth of approximately 47.5%[29] - The operating loss for the three months ended March 31, 2022, was HKD 1,069 thousand, an improvement from an operating loss of HKD 4,868 thousand in the same period of 2021[21] - The net loss for the three months ended March 31, 2022, was HKD 1,264 thousand, compared to a net loss of HKD 6,257 thousand for the same period in 2021[21] - Basic loss per share for the three months ended March 31, 2022, was HKD 0.18, an improvement from HKD 0.67 for the same period in 2021[21] - The company reported a loss attributable to shareholders of HKD 1,595,000 for the three months ended March 31, 2022, compared to a loss of HKD 5,937,000 for the same period in 2021, representing a 73% improvement[36] Project and Revenue Metrics - The number of projects increased by approximately 42.9%, from 14 projects in 2021 to 20 projects in 2022[5] - Average revenue per project rose from approximately HKD 1.27 million in 2021 to about HKD 1.31 million in 2022, reflecting a 3.1% increase[7] Expenses and Cost Management - Operating expenses decreased to approximately HKD 6.2 million in Q1 2022 from HKD 8.7 million in Q1 2021, primarily due to reduced administrative expenses[13] - The company continues to implement stringent cost control measures to maintain profit margins amid ongoing economic challenges[13] Cash and Liabilities - Cash and cash equivalents as of March 31, 2022, were approximately HKD 8.8 million, down from HKD 27.4 million as of December 31, 2021[14] - Total liabilities as of March 31, 2022, were approximately HKD 48.8 million, a decrease from HKD 63.8 million as of December 31, 2021[15] - The debt-to-capital ratio increased to 29.6% as of March 31, 2022, compared to 22.3% as of December 31, 2021, primarily due to a decrease in cash and bank balances[16] - As of March 31, 2022, the current ratio was approximately 1.1 times, unchanged from December 31, 2021[15] Corporate Governance and Compliance - The company confirmed compliance with all corporate governance codes as per GEM Listing Rules during the reporting period[49] - The company established an audit committee on June 15, 2016, consisting of three independent non-executive directors to oversee financial reporting and internal controls[53] Shareholder Information - No interim dividend was declared for the three months ended March 31, 2022, consistent with the previous year[18] - The weighted average number of ordinary shares was 882,356,000 for both periods, resulting in a basic loss per share of HKD 0.18 for 2022, compared to HKD 0.67 in 2021[36] - The company did not present diluted loss per share for the period ended March 31, 2022, due to the anti-dilutive effect of the share options granted[37] Rights Issue and Capital Management - The company raised approximately HKD 71.96 million from a rights issue, with net proceeds of about HKD 53.5 million used to repay promissory notes and interest expenses[43] - As of March 31, 2022, approximately HKD 9.5 million of the net proceeds from the rights issue had been used for general working capital[43] Acquisitions and Business Development - On October 15, 2021, a wholly-owned subsidiary, Legend Start Limited, entered into an agreement to acquire 100% of the shares of a company for a total cash consideration of HKD 420,000[54] - The acquisition involved payments of HKD 126,000, HKD 213,000, and HKD 63,000 for shares completed on October 15, 2021, December 1, 2021, and April 25, 2022, respectively[54] - The acquired company primarily provides insurance brokerage services, allowing the group to explore new business development opportunities[54] Other Information - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the three months ended March 31, 2022[19] - The group had no significant contingent liabilities or capital commitments as of March 31, 2022[17] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three months ended March 31, 2022[52] - The company has not entered into any arrangements that would allow directors or key executives to benefit from acquiring shares or bonds of the company or any other entity during the reporting period[47] - As of the report date, there were no significant events occurring after the financial report date[55]
简朴新生活(08360) - 2022 Q1 - 季度财报