Financial Performance - The group recorded revenue of approximately HKD 63,565,000 for the three months ended June 30, 2022, compared to HKD 57,944,000 for the same period in 2021, representing an increase of 9%[4] - Profit attributable to owners of the company for the three months ended June 30, 2022, was approximately HKD 1,125,000, a significant increase from HKD 192,000 for the same period in 2021[4] - The gross profit for the three months ended June 30, 2022, was HKD 16,202,000, compared to HKD 14,349,000 for the same period in 2021, indicating a growth of 13%[5] - The total comprehensive income for the period attributable to owners of the company was HKD 1,125,000, compared to HKD 192,000 for the same period in 2021[5] - Basic earnings per share for the three months ended June 30, 2022, was HKD 0.10, up from HKD 0.02 for the same period in 2021[5] - The group's cost of sales for the three months ended June 30, 2022, was approximately HKD 47,363,000, an increase of about HKD 3,768,000 or approximately 8.6% compared to HKD 43,595,000 for the same period in 2021, primarily due to increased sales volume[34] - Gross profit increased from approximately HKD 14,349,000 for the three months ended June 30, 2021, to approximately HKD 16,202,000 for the same period in 2022, representing an increase of about 12.9%[35] Dividends and Equity - The company did not recommend the payment of any dividends for the three months ended June 30, 2022, consistent with the previous year[4] - The group’s total equity as of June 30, 2022, was HKD 102,540,000, a slight decrease from HKD 103,552,000 as of June 30, 2021[8] - The company did not declare or recommend any dividends for the three months ended June 30, 2022[27] Income and Expenses - The company reported other income of HKD 766,000 for the three months ended June 30, 2022, compared to HKD 44,000 for the same period in 2021, reflecting a substantial increase[5] - The financing costs for the three months ended June 30, 2022, were HKD 151,000, compared to HKD 97,000 for the same period in 2021, indicating an increase of 55%[5] - The total employee costs amounted to HKD 6,124,000, an increase from HKD 5,316,000 in the previous year, reflecting a rise of about 15.2%[26] - Administrative expenses increased from approximately HKD 7,175,000 to approximately HKD 7,985,000, mainly due to increased depreciation from newly leased warehouse assets and higher legal and professional fees[40] - Other income rose significantly from approximately HKD 44,000 to approximately HKD 766,000, mainly due to government subsidies received during the period, including about HKD 630,000 from the "Employment Support" scheme[36] Market and Operational Insights - The company continues to engage in food and beverage grocery distribution and restaurant services in Hong Kong, with all revenue contracts being for one year or less[14] - The demand for food and beverage products surged, particularly from local restaurants, hotels, and private clubs, contributing to the revenue growth[32] - The company plans to closely monitor market conditions and seek suitable opportunities to mitigate the negative impacts of potential COVID-19 outbreaks[31] Shareholder Information - As of June 30, 2022, the major shareholders, Mr. Wong Siu Man and Mr. Wong Siu Wah, each hold 51.88% of the company’s shares, totaling 602,800,000 shares[57] - Major shareholder Yuan Tian holds 602,800,000 shares, representing 51.88% of the total issued shares as of June 30, 2022[59] Corporate Governance - The company confirmed compliance with the corporate governance code during the three months ended June 30, 2022[68] - The audit committee reviewed the unaudited consolidated results for the three months ended June 30, 2022, and found them to comply with applicable accounting standards and GEM listing rules[71] - The company has adopted a set of securities trading rules for directors, ensuring compliance with GEM listing rules[63] - The company has established a non-competition agreement with its major shareholders, confirming no engagement in competing businesses[65] - The company maintains a high standard of corporate governance, which is considered essential for effective and transparent operations[67] - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[72] Strategic Planning and Risks - The company plans to allocate approximately HKD 12,560,000 to upgrade its ERP system to enhance operational efficiency by monitoring inventory levels and avoiding excess stock[52] - A total of approximately HKD 5,540,000 is earmarked for sales and marketing activities to attract more customers and increase loyalty, with about HKD 1,228,000 already spent on advertising and local food exhibitions[53] - The board has decided to repurpose funds originally intended for a new warehouse in Kowloon, reallocating them towards developing restaurant services and general operating capital, retaining about HKD 3,278,000 for rental expenses[52] - The company faces strategic, operational, and financial risks including market competition and customer credit risk, but believes it has a competitive advantage due to its strong track record and experienced management team[55] - The company maintains a reasonable optimism regarding its core business despite economic uncertainties posed by the Omicron variant[55] - The board is actively assessing and managing uncertainties, taking necessary measures to navigate challenges while continuing to execute strategic commitments made to shareholders[55] Recent Developments - The company closed its first restaurant in Tsim Sha Tsui in March 2022 due to the ongoing pandemic situation[33] - The company has utilized around HKD 3,064,000 for renovations and startup costs for a new restaurant in Tsim Sha Tsui, although it plans to close this location due to recent pandemic conditions[54] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended June 30, 2022[48] - No significant events affecting the group occurred after June 30, 2022, up to the date of the quarterly report[69] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three months ended June 30, 2022[66] - No stock options were granted, exercised, expired, or canceled under the stock option plan during the three months ended June 30, 2022, with 112,000,000 unexercised options remaining[62]
亚洲富思(08413) - 2023 Q1 - 季度财报