Financial Performance - For the three months ended March 31, 2023, the company's revenue was HKD 78,250,000, a decrease of 31.3% compared to HKD 113,966,000 for the same period in 2022[2] - The operating profit for the same period was HKD 4,735,000, showing an increase of 5.5% from HKD 4,486,000 in the previous year[2] - The net profit for the period was HKD 5,144,000, up 15.5% from HKD 4,455,000 in the prior year[2] - Total comprehensive income for the period was HKD 4,894,000, compared to HKD 4,063,000 in the same period last year, reflecting a growth of 20.5%[2] - The company reported a basic and diluted earnings per share of HKD 0.64, an increase from HKD 0.56 in the previous year[2] - Net profit for the period increased to approximately HKD 5.1 million in Q1 2023 from HKD 4.5 million in Q1 2022, mainly due to an increase in foreign exchange gains[23] Revenue and Income Sources - Revenue from property management services decreased from approximately HKD 114.0 million in Q1 2022 to approximately HKD 78.3 million in Q1 2023, primarily due to the termination of several property management contracts[18] - Other income decreased from approximately HKD 4.9 million in Q1 2022 to approximately HKD 2.8 million in Q1 2023, mainly due to a reduction in government subsidies[19] Expenses and Cost Management - Employee benefit expenses decreased to HKD 73,246,000 from HKD 108,347,000, representing a reduction of 32.4%[10] - Employee benefits expenses totaled approximately HKD 73.2 million in Q1 2023, down from HKD 108.3 million in Q1 2022, attributed to a decrease in the number of managed public housing contracts[20] - Cleaning materials costs were approximately HKD 0.7 million in Q1 2023, compared to HKD 1.6 million in Q1 2022, also due to a reduction in managed public housing contracts[21] - Other operating expenses decreased from approximately HKD 3.5 million in Q1 2022 to approximately HKD 2.8 million in Q1 2023, driven by reductions in insurance and maintenance costs[22] Shareholder Information - As of March 31, 2023, the company’s major shareholders include Ms. Tan Mu Jie with a 67.93% stake through R5A Group Limited[25] - R5A Group Limited holds 491,440,000 shares, representing 61.43% of the company's issued share capital as of March 31, 2023[28] - Major shareholders include Yang Xiuyun, holding 57,120,000 shares, which is 7.14% of the company[28] Corporate Governance - The board is not aware of any competition-related interests held by directors or major shareholders as of March 31, 2023[29] - The company has adhered to all corporate governance codes as per GEM listing rules without deviation as of March 31, 2023[30] - The company has established a code of conduct for directors regarding securities trading, in line with GEM listing rules[31] Audit and Compliance - The financial information in the report has not been audited but has been reviewed by the audit committee, confirming compliance with applicable accounting standards[34] - The audit committee consists of independent non-executive directors, ensuring oversight of the financial reporting process[34] - There have been no significant subsequent events reported after March 31, 2023, up to the report date[33] Market Outlook - The outlook for the property market in Hong Kong remains positive, with expectations for growth in public housing property management services[24] - The company aims to increase its market share following its listing, capitalizing on opportunities in the public housing sector[24] Dividend Policy - The company does not recommend the payment of dividends for the period ending March 31, 2023, consistent with the previous year[16] Publication and Transparency - The report will be published on the GEM website and the company's website for at least seven days from the publication date[35] - No purchases, sales, or redemptions of listed securities occurred by the company or its subsidiaries during the three months ending March 31, 2023[32] Business Operations - The company operates primarily in property management services in Hong Kong, with no significant changes in business segments reported[8] - The company continues to focus on providing public housing property management services in Hong Kong, with no new product or technology developments disclosed in the report[5] - The company has adopted new and revised Hong Kong Financial Reporting Standards effective January 1, 2023, with no significant impact on reported amounts[7]
雅居投资控股(08426) - 2023 Q1 - 季度财报