Financial Performance - The company reported revenue of HKD 150,135,000 for the three months ended June 30, 2022, representing an increase of 3.8% compared to HKD 144,988,000 for the same period in 2021[9]. - Other income increased significantly to HKD 12,250,000 from HKD 870,000 year-on-year, marking a growth of 1,305.7%[9]. - The company's gross profit before tax was HKD 15,684,000, up 12.2% from HKD 13,983,000 in the previous year[9]. - Net profit for the period was HKD 15,543,000, compared to HKD 10,993,000 in the same quarter of the previous year, reflecting a year-on-year increase of 41.5%[9]. - Total comprehensive income for the period was HKD 14,624,000, compared to HKD 11,141,000 in the same quarter of the previous year, representing a 31.5% increase[9]. - The basic and diluted earnings per share were both HKD 0.042, up from HKD 0.030 in the prior year, indicating a growth of 40%[11]. - Adjusted for government subsidies, net profit decreased by approximately HKD 7,014,000 or 63.8%[55]. Operational Highlights - The company incurred employee costs of HKD 49,001,000, which is an increase of 23.6% from HKD 39,555,000 in the previous year[9]. - The company did not open any new restaurants during the three months ended June 30, 2022, and closed one restaurant due to lower-than-expected foot traffic[30]. - As of June 30, 2022, the total number of restaurants was 37, a decrease from 38 as of March 31, 2022, due to the closure[31]. - The company operates a total of 34 restaurants in Hong Kong as of June 30, 2022, with no new openings during the quarter[31]. - The company has confirmed leases for new restaurants, including "山見" in Mong Kok, expected to open in Q3 2022, and "CUE" in Tung Chung, also expected to open in Q3 2022[34]. - In Q1 FY2023, the company served a total of 638,397 customers, a decrease of 83,155 customers or 11.5% compared to Q1 FY2022[38]. - The average daily revenue per restaurant in Q1 FY2023 was 96% of the benchmark set in June 2020, reflecting a recovery trend[46]. Cost and Expenses - Depreciation of property, plant, and equipment rose to HKD 6,638,000 from HKD 4,817,000, reflecting a 37.8% increase[9]. - Employee costs increased by approximately 23.9% in Q1 FY2023, rising from 27.3% of revenue in Q1 FY2022 to 32.6% in Q1 FY2023[52]. - Property rental and related expenses grew by approximately 25.2% in Q1 FY2023, with the percentage of revenue increasing from 5.1% to 6.2%[52]. - Rent reductions amounted to approximately HKD 2,100,000 in Q1 FY2023, compared to HKD 600,000 in Q1 FY2022[48]. Market and Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9]. - Future business outlook is optimistic due to the control of COVID-19 in Hong Kong and China, with plans for continued improvement in food quality and service[59]. - The company is committed to exploring new potential locations for expansion in Hong Kong and China, in addition to two new leases already secured[59]. Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 for the three months ended June 30, 2022[71]. - No directors or major shareholders engaged in any business that competes or may compete with the group as of June 30, 2022[72]. - The audit committee was established in accordance with GEM Listing Rules and reviewed the unaudited consolidated financial statements for the three months ended June 30, 2022[74]. - The audit committee meeting was held on August 14, 2022, to ensure compliance with applicable accounting standards and disclosure requirements[74]. Miscellaneous - The company received approximately HKD 1,700,000 and HKD 9,900,000 in subsidies related to the anti-epidemic fund and the employment support scheme, respectively, during Q1 FY2023[47]. - The company reported a foreign exchange loss of HKD 919,000, compared to a gain of HKD 148,000 in the previous year, indicating a significant impact from currency fluctuations[9]. - The company has no significant investments, acquisitions, or disposals of subsidiaries or associates during the first quarter of the 2023 fiscal year[37]. - The company’s Hong Kong profits tax rate is estimated at 16.5%, while the tax rate for its subsidiaries in China is 25%[23]. - Cash and cash equivalents as of June 30, 2022, were HKD 95,700,000, with no bank borrowings reported[55]. - The company is in a net cash position as of June 30, 2022, with no significant contingent liabilities[56][57]. - The third dose vaccination rate among customers was approximately 69% as of the report date, affecting dining policies[46]. - Depreciation of property, plant, and equipment increased by approximately 37.8% compared to Q1 FY2022, while right-of-use asset depreciation decreased by about 1.7%[53]. - The board expresses gratitude to all employees and management for their contributions during the period[76].
尝高美集团(08371) - 2023 Q1 - 季度财报