Financial Performance - Revenue for the three months ended December 31, 2022, was HK$59,907,000, a decrease of 23.2% compared to HK$78,063,000 for the same period in 2021[15] - Gross profit for the three months ended December 31, 2022, was HK$594,000, compared to a gross loss of HK$6,398,000 in the same period of 2021[15] - Loss before income tax for the three months ended December 31, 2022, was HK$1,817,000, an improvement from a loss of HK$9,373,000 in the same period of 2021[15] - Total comprehensive loss attributable to owners of the Company for the three months ended December 31, 2022, was HK$1,820,000, compared to HK$9,300,000 for the same period in 2021[15] - Basic and diluted loss per share for the three months ended December 31, 2022, was HK$0.007, an improvement from HK$0.044 in the same period of 2021[15] - Revenue for the nine months ended December 31, 2022, was HK$167,646,000, down 29.0% from HK$235,781,000 for the same period in 2021[15] - Gross profit for the nine months ended December 31, 2022, was HK$1,504,000, compared to a gross loss of HK$5,554,000 in the same period of 2021[15] - Loss before income tax for the nine months ended December 31, 2022, was HK$6,104,000, an improvement from a loss of HK$13,836,000 in the same period of 2021[15] - The company reported a loss of HK$6,004,000 for the nine months ended 31 December 2022, compared to a loss of HK$13,612,000 for the same period in 2021, indicating a reduction in losses by approximately 55.9%[18] - For the nine months ended December 31, 2022, the Group recorded a net loss of approximately HK$6.0 million, a decrease from a net loss of approximately HK$13.6 million for the same period in 2021, indicating an improvement in financial performance[59] Equity and Shareholder Information - For the nine months ended 31 December 2022, the total equity attributable to shareholders increased to HK$96,520,000 from HK$92,256,000 as of 1 April 2022, reflecting a growth of approximately 4.1%[18] - The company issued shares on placement, raising a total of HK$10,268,000 during the nine months ended 31 December 2022[18] - As of December 31, 2022, the accumulated losses decreased to HK$2,230,000 from HK$3,774,000 as of 1 April 2022, showing an improvement in retained earnings[18] - The basic and diluted loss per share for the nine months ended December 31, 2022, was HK$0.026, an improvement from HK$0.071 in 2021[48] - The weighted average number of ordinary shares increased to 235,231,000 for the nine months ended December 31, 2022, compared to 191,313,000 in 2021[48] - No dividends were paid or proposed for ordinary shareholders during the nine months ended December 31, 2022, consistent with the previous year[51] - The Company raised net proceeds of approximately HK$10.3 million from the placing of 41,880,000 shares at a price of HK$0.25 each in July 2022, which have all been utilized by December 31, 2022[85][89] - As of December 31, 2022, approximately HK$8.3 million of the net proceeds from the Rights Issue had been used, with the remaining unutilized net proceeds expected to be utilized by September 30, 2023[96][98] - The Directors do not recommend the payment of any dividend for the nine months ended December 31, 2022, consistent with the previous year[84][88] Operating Expenses and Costs - Administrative and other operating expenses for the three months ended December 31, 2022, were HK$2,431,000, a decrease from HK$2,970,000 in the same period of 2021[15] - Administrative and other operating expenses decreased by approximately HK$0.6 million or 7.6% to approximately HK$7.6 million for the nine months ended December 31, 2022[78] - Finance costs for the three months ended December 31, 2022, were significantly reduced, with no interest on bank overdrafts and a decrease in lease interests[41] - Finance costs decreased by 75.0% to approximately HK$3,000 for the nine months ended December 31, 2022, down from approximately HK$12,000 for the same period in 2021[82] Future Outlook and Strategy - Future revenue recognition related to unsatisfied performance obligations as of 31 December 2022 is expected to contribute to upcoming financial periods[35] - The remaining performance obligations expected to be satisfied during the year ending December 31, 2023, amount to HK$175.8 million, up from HK$143.7 million in 2022[38] - The Group is focused on improving operating efficiency and will take a prudent approach in tendering profitable projects to mitigate adverse impacts[60] - The Group plans to selectively place tenders with well-established contractors to ensure steady projects and sound receivables[64] - The Group aims to expand its customer base and market share by undertaking more wet trades projects in or beyond Hong Kong[66] - The Group's long-term goals and sustainable developments remain a priority despite short-term challenges in the industry[62] Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[22] - The company has not applied any new standards or interpretations that are not yet effective for the current accounting period, maintaining consistency in accounting policies[28] - The Company has complied with the Corporate Governance Code during the nine months ended 31 December 2022[125] - The Audit Committee has reviewed the unaudited condensed consolidated results for the nine months ended 31 December 2022 and found them compliant with applicable accounting standards and GEM Listing Rules[128] - All directors have confirmed compliance with the Required Standard of Dealing during the nine months ended December 31, 2022[116] - The Company has established an audit committee comprising three independent non-executive directors[127] - The Company is committed to high standards of corporate governance to enhance corporate value and accountability[126] - The Company has made adequate disclosures in its financial reporting for the nine months ended 31 December 2022[128] Shareholding Structure - Mr. Tse Chun Yuen and Mr. Tse Chun Kuen each hold 105,000,000 shares, representing 41.79% of the total shareholding[102] - Mr. Tam Wing Yuen is a beneficial owner of 6,000,000 shares, accounting for 2.39% of the total shareholding[102] - Land Noble Holdings Limited is beneficially owned 50% by Mr. Tse Chun Yuen and 50% by Mr. Tse Chun Kuen[102] - As of December 31, 2022, no directors or chief executives had any interests or short positions in the shares of the Company or its associated corporations[104] - The Company has not purchased, sold, or redeemed any of its listed securities during the nine months ended December 31, 2022[118] - The Company adopted a share option scheme on September 14, 2017, but no share options have been granted under this scheme since its adoption[119] - As of December 31, 2022, Land Noble Holdings is a substantial shareholder with 105,000,000 shares, representing 41.79% of the Company[108] - Mr. Wang Wei and Mr. Sun Yiyun each hold 20,940,000 shares, which is 8.33% of the total shareholding[108] - Mr. Tse Man Loong holds 14,150,000 shares, representing 5.63% of the total shareholding[108] - There were no business activities that directly or indirectly competed with the Group's business by the directors or controlling shareholders during the nine months ended December 31, 2022[121]
怡康泰工程集团(08445) - 2023 Q3 - 季度财报