Financial Performance - Revenue for the three months ended March 31, 2023, was approximately HK$13.6 million, a decrease from HK$15.9 million in the same period of 2022, representing a decline of about 14.6%[8] - Loss after taxation for the three months ended March 31, 2023, amounted to approximately HK$6.8 million, compared to a loss of HK$5.8 million in the same period of 2022, indicating an increase in loss of about 17.2%[9] - Basic and diluted loss per share for the three months ended March 31, 2023, was approximately HK1.67 cents, compared to HK1.42 cents for the same period in 2022, reflecting an increase of about 17.6%[9] - Gross profit for the three months ended March 31, 2023, was HK$332,000, significantly down from HK$2.0 million in the same period of 2022, marking a decrease of approximately 83.6%[9] - Other income and gains for the three months ended March 31, 2023, were HK$523,000, down from HK$1.2 million in the same period of 2022, a decline of about 57.7%[9] - Total comprehensive loss for the period was HK$7.8 million, compared to HK$5.6 million in the same period of 2022, representing an increase of approximately 39.6%[10] - The company reported a nominal value of issued ordinary share capital of HK$60,000,000 for Tseyu International Trading Company Limited, with 100% equity attributable to the company[20] - The company reported a loss for the period of HK$6,813,000 for the three months ended March 31, 2023, compared to a loss of HK$5,806,000 for the same period in the previous year[12] Expenses and Costs - Selling and distribution expenses decreased to HK$1.0 million for the three months ended March 31, 2023, from HK$1.4 million in the same period of 2022, a reduction of about 26.6%[9] - Administrative expenses decreased to HK$5.1 million for the three months ended March 31, 2023, from HK$7.0 million in the same period of 2022, a decrease of approximately 27.2%[9] - Finance costs increased significantly to HK$1.0 million for the three months ended March 31, 2023, compared to HK$134,000 in the same period of 2022, an increase of about 645.5%[9] - The cost of inventories sold decreased to HK$8,127,000 in Q1 2023, down 22.9% from HK$10,535,000 in Q1 2022[55] - The Group's employee benefit expenses (excluding directors' remuneration) decreased to HK$3,996,000 in Q1 2023, down 21.9% from HK$5,121,000 in Q1 2022[55] Segment Performance - Revenue from external customers for the manufacturing and selling of threads segment was HK$5,858,000, while the interior design segment generated HK$2,365,000, and the equine services segment contributed HK$5,385,000[36] - The total segment loss before tax for the three months ended March 31, 2023, was HK$6,813,000, compared to a loss of HK$5,806,000 for the same period in 2022, indicating a worsening financial performance[36] - The manufacturing segment reported a loss of HK$2,030,000, while the interior design segment achieved a profit of HK$492,000, and the equine services segment incurred a loss of HK$3,745,000[36] - Revenue from the manufacturing and selling of threads decreased to approximately HK$5.9 million, a decline of approximately 51.3% from HK$12.0 million in the same period last year[85] - Revenue from the interior design and decoration segment decreased to approximately HK$2.4 million, representing a decrease of approximately 38.5% from HK$3.8 million for the same period in 2022[88] - Revenue from equine services increased significantly to approximately HK$5.4 million, compared to approximately HK$74,000 for the same period in 2022, marking an increase of approximately HK$5.3 million[89] Equity and Share Capital - As of March 31, 2023, the total equity of the company is HK$60,155,000, a decrease from HK$67,928,000 as of January 1, 2023, reflecting a comprehensive loss for the period[12] - The accumulated losses increased to HK$106,539,000 as of March 31, 2023, compared to HK$99,726,000 as of January 1, 2023[12] - The company's issued ordinary share capital is HK$20,457,093, divided into 409,141,860 shares with a par value of HK$0.05 each[151] - The Group's major shareholder, Mr. Wong Kwok Wai, holds 120,000,000 ordinary shares, representing 29.33% of the issued share capital[139] Corporate Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules and believes in maintaining strong corporate governance practices[153][154] - The company complied with the code provisions of the corporate governance code for the three months ended March 31, 2023, except for a deviation from code provision A.2.1[155] - The Audit Committee reviewed the unaudited first quarterly results for the three months ended March 31, 2023[173] - The Audit Committee consists of three independent non-executive Directors, ensuring independence from previous auditors[173] Future Outlook and Strategy - The overall performance indicates a need for potential market expansion and new strategies to improve revenue generation[36] - The Group anticipates growth in its interior design and decoration services due to increasing demand in Hong Kong and the Greater Bay Area[71] - The Group aims to improve its business operations and financial position by seeking suitable investment opportunities[134] - The Group is focusing on further investments in promising stallion prospects in the competitive Australian bloodstock market[130] Miscellaneous - The company operates subsidiaries engaged in manufacturing and selling sewing threads and garment accessories, as well as providing various advisory and equine services[15] - The company was incorporated in the Cayman Islands and has its registered office in Grand Cayman[14] - The financial statements are unaudited for the period ended March 31, 2023[12] - The Group has faced difficulties in its principal business of manufacturing and selling sewing threads due to the COVID-19 pandemic and ongoing trade conflicts between China and the U.S., impacting financial position and cash flows[128]
维港育马(08377) - 2023 Q1 - 季度财报