Financial Performance - For the nine months ended May 31, 2023, the total revenue was approximately MYR 150.3 million, a decrease of about 23.4% compared to the same period in 2022[4]. - The gross loss for the nine months ended May 31, 2023, was approximately MYR 2.8 million, compared to a gross profit of approximately MYR 37.4 million for the same period in 2022[4]. - The net loss recorded for the nine months ended May 31, 2023, was approximately MYR 22.7 million[4]. - For the three months ended May 31, 2023, the revenue was MYR 40.7 million, down from MYR 62.9 million in the same quarter of 2022[5]. - The operating loss for the nine months ended May 31, 2023, was approximately MYR 16.3 million, compared to an operating profit of MYR 20.5 million for the same period in 2022[5]. - The total comprehensive loss for the nine months ended May 31, 2023, was approximately MYR 22.8 million[6]. - The group reported a loss before tax of 43,077 thousand MYR for the three months ended May 31, 2023, compared to a loss of 50,908 thousand MYR in the same period of 2022[25]. - The company reported a loss attributable to owners of approximately MYR 22.7 million for the nine months ended May 31, 2023, compared to a profit of MYR 13.0 million in the same period of 2022[32]. - Revenue for the nine months ended May 31, 2023, decreased by approximately 23.4% or 45.9 million MYR compared to the same period in 2022, primarily due to reduced demand from major customers[47]. - The contribution from the top five customers dropped from approximately 129.2 million MYR for the nine months ended May 31, 2022, to 89.1 million MYR for the same period in 2023, representing about 65.9% and 59.3% of total revenue, respectively[47]. Revenue Breakdown - Revenue from packaging production for the nine months ended May 31, 2023, was approximately MYR 109.5 million, accounting for about 72.8% of total revenue, compared to MYR 139.0 million and 70.9% in 2022[40]. - Revenue from the production of inserts for the nine months ended May 31, 2023, was approximately MYR 32.6 million, representing 21.7% of total revenue, down from MYR 42.1 million and 21.5% in 2022[41]. - Revenue from the production of manuals for the nine months ended May 31, 2023, was approximately MYR 7.5 million, accounting for 5.0% of total revenue, compared to MYR 14.7 million and 7.5% in 2022[43]. - The group's revenue from external customers for the three months ended May 31, 2023, was 40,653 thousand MYR, a decrease of 35.3% compared to 62,869 thousand MYR in the same period of 2022[21]. - For the nine months ended May 31, 2023, the revenue was 150,339 thousand MYR, down 23.4% from 196,214 thousand MYR in the same period of 2022[21]. Costs and Expenses - The cost of goods sold for the nine months ended May 31, 2023, was 153,095 thousand MYR, slightly down from 158,822 thousand MYR in the same period of 2022[25]. - Financing costs increased to approximately 6.4 million MYR for the nine months ended May 31, 2023, from 4.9 million MYR in 2022, primarily due to rising interest rates[56]. - Distribution expenses decreased by approximately 26.3% to 7.3 million MYR for the nine months ended May 31, 2023, from 9.9 million MYR in 2022, mainly due to reduced sales volume[52]. - Administrative expenses for the nine months ended May 31, 2023, were approximately 10.9 million MYR, down from 12.8 million MYR in 2022[53]. Dividend and Equity - The board of directors did not recommend the payment of an interim dividend for the nine months ended May 31, 2023[4]. - The group did not recommend an interim dividend for the nine months ended May 31, 2023, compared to no dividend in the same period of 2022[26]. - The company’s total equity as of May 31, 2023, was approximately MYR 78.8 million, down from MYR 108.2 million as of May 31, 2022[6]. Corporate Governance and Compliance - The company has complied with corporate governance codes, except for the absence of the chairman at the annual general meeting held on February 7, 2023[74]. - The audit committee, established on August 25, 2017, is responsible for reviewing financial information and internal controls[76]. - The third-quarter financial statements have not yet been audited but have been reviewed by the audit committee[76]. Market Position and Strategy - The company has been focusing on consolidating its market position in the offset printing and packaging industry, with over 51 years of experience[37]. - The company continues to focus on strengthening its market position in the printing and packaging industry while engaging with international brands to expand its business in Malaysia and the Philippines[45]. - The company has established a printing and packaging production line in the Philippines since June 2016 to better serve regional customers[37]. - The group operates in a single business segment, focusing on the printing and manufacturing of brochures, inserts, packaging products, and printed paper labels[19]. Shareholding Structure - Ong先生 holds a beneficial interest of 80.50% in Linocraft Investment, which owns 51% of the company[63]. - Charlecote holds a 70% interest in Linocraft Investment, which translates to a 51% beneficial ownership in the company[66]. - As of May 31, 2023, Linocraft Investment and Charlecote each hold 408,000,000 shares, representing 51% of the company's total shares[65]. - Stan Cam Holdings Limited and its controlled entity, Ralexi Investment Holdings Limited, each hold 120,000,000 shares, accounting for 15% of the company's shares[65]. - The company has not adopted any share option schemes as of May 31, 2023[69]. - No purchases, sales, or redemptions of the company's listed securities occurred during the nine months ending May 31, 2023[70]. - The company confirms that major shareholders and their associates do not hold any competing business interests as of May 31, 2023[71]. Financial Reporting Standards - The group is currently evaluating the impact of newly issued or revised Hong Kong Financial Reporting Standards on its performance and financial position[18].
东骏控股(08383) - 2023 Q3 - 季度财报