Revenue Performance - For the three months ended June 30, 2023, the group's revenue decreased to approximately HKD 1.8 million, down from approximately HKD 2.2 million for the same period in 2022, representing a decrease of about 18.2%[12] - The group's revenue for the three months ended June 30, 2023, was approximately HKD 1,824,000, a decrease of about 16.9% compared to HKD 2,194,000 for the same period in 2022[25] - Revenue from the UK decreased from HKD 1,672,000 to HKD 1,289,000, while revenue from Canada increased from HKD 54,000 to HKD 103,000[33] Commission Income Breakdown - Commission income from arranging students to study in the UK accounted for approximately 70.7% of total revenue for the three months ended June 30, 2023, down from 76.2% in 2022, with a decrease in commission income of about 22.9% to approximately HKD 1.3 million[14] - Commission income from arranging students to study in Australia was approximately HKD 258,000, representing 14.1% of total revenue for the three months ended June 30, 2023, compared to 12.6% in 2022[15] - Commission income from arranging students to study in Canada and the US increased by approximately 117.1% to about HKD 165,000, accounting for 9.0% of total revenue for the three months ended June 30, 2023, up from 3.5% in 2022[16] Other Income and Expenses - Other income increased from approximately HKD 736,000 to HKD 1,043,000, primarily due to rising interest rates in Hong Kong leading to bank interest income and recorded foreign exchange gains[17] - Marketing costs rose from approximately HKD 618,000 to HKD 940,000, attributed to the development of digital marketing channels and increased marketing activities[19] - Other expenses decreased significantly from approximately HKD 5.9 million to HKD 2.8 million, mainly due to a reduction in fair value losses on financial assets[21] Loss and Financial Performance - The loss for the three months ended June 30, 2023, was approximately HKD 3.8 million, a decrease from a loss of approximately HKD 6.5 million in the same period of 2022[23] - The pre-tax loss for the three months ended June 30, 2023, was HKD 3,964,000, an improvement from a loss of HKD 6,914,000 in the same period of 2022, indicating a reduction of approximately 43%[45] - The basic and diluted loss per share attributable to equity holders of the company was 0.22 cents, compared to a loss of 0.39 cents in the previous year[25] Strategic Plans and Market Outlook - The company anticipates continued demand for overseas education consulting services driven by globalization trends and the increasing importance of international experience in the job market[9] - The company plans to enhance its digital platform to improve online coverage and attract more students[10] - The company aims to expand its geographical coverage from Hong Kong to other markets such as China and Malaysia to diversify revenue sources[10] - The company will continue to build strategic relationships with key stakeholders in the education sector to enhance its network and provide additional value to students[10] Risks and Challenges - The company faces risks including economic and geopolitical risks, competition from other education consulting firms, and uncertainties in the overseas education market[13] - The company is focused on improving customer service and providing personalized advice and support to students and stakeholders[10] Shareholder Information - As of June 30, 2023, Mr. Zhong holds 892,710,000 shares, representing 51% of the company's total shares[54] - Mr. Zhong is the beneficial owner of all issued share capital of Hong Yong Investment Limited, which holds the aforementioned shares[54] - Other significant shareholders include Ms. Yin Xiaopei, who also holds 892,710,000 shares (51%), and Song Wenxia with 420,030,000 shares (24%)[58] - Zeming Pty Limited and Leng Lisa Chunying each hold 97,000,000 shares, accounting for 5.54% of the total shares[58] - The company confirms compliance with the minimum public float requirement of 25%[62] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial results for the three months ending June 30, 2023[65] - The company has adopted a share option scheme since January 17, 2017, with no options granted or unexercised as of June 30, 2023[64] - There are no reported violations of the code of conduct for securities trading by directors during the reporting period[61] - The company has confirmed that there are no competing interests from controlling shareholders or directors[63] - The company has adhered to all applicable corporate governance codes as of June 30, 2023[60] Other Information - The company did not declare an interim dividend for the three months ended June 30, 2023, consistent with the previous year[43] - The weighted average number of ordinary shares for the calculation of basic and diluted loss per share remained unchanged at 1,750,400,000 shares for both periods[45] - The effective tax rate for the group’s operations in China remains at 25%[39] - The company held 158,559.18 units of a fund at a unit price of AUD 7.20 as of June 30, 2023, down from AUD 9.52 and AUD 9.67 at the time of purchase[49] - There were no significant investments, acquisitions, or disposals of subsidiaries or associates during the reporting period[50] - No major events affecting the group occurred after June 30, 2023, up to the report date[52] - The financing costs related to lease liabilities decreased slightly from HKD 18,000 in 2022 to HKD 17,000 in 2023[36] - The fair value loss on financial assets measured at fair value through profit or loss was HKD 17,000 for the three months ended June 30, 2023, compared to a significant loss of HKD 1,783,000 in 2022[38]
大地教育(08417) - 2024 Q1 - 季度财报