Financial Performance - Revenue for the three months ended June 30, 2023, was HK$73,015,000, an increase of 16.9% compared to HK$62,497,000 for the same period in 2022[15] - Gross profit decreased to HK$652,000, down 85.4% from HK$4,491,000 in the previous year[15] - Loss before income tax was HK$2,080,000, compared to a profit of HK$1,977,000 in the same period last year[15] - The net loss attributable to owners of the Company for the period was HK$2,141,000, compared to a profit of HK$2,029,000 in the prior year[15] - Basic and diluted loss per share was HK$0.009, compared to earnings per share of HK$0.010 in the previous year[15] - The total comprehensive loss for the period was HK$2,141,000, compared to a profit of HK$2,029,000 in the same period last year, indicating a significant decline in performance[31] - For the three months ended June 30, 2023, the Group recorded a net loss of approximately HK$2.1 million compared to a net profit of approximately HK$2.0 million for the same period in 2022[56] - The gross profit for the same period was approximately HK$0.7 million, a decrease of approximately 84.4% from approximately HK$4.5 million in the prior year, resulting in a gross profit margin of approximately 0.9%[72] Expenses and Costs - Administrative and other operating expenses increased to HK$2,759,000 from HK$2,512,000, reflecting a rise of 9.8%[15] - Direct costs rose to HK$72,363,000, up from HK$58,006,000, indicating a 24.8% increase[15] - Deferred income tax expense for the three months ended June 30, 2023, was HK$61,000, compared to a credit of HK$52,000 in 2022[46] - Administrative and other operating expenses rose by approximately HK$0.3 million or 12.0%, from approximately HK$2.5 million to approximately HK$2.8 million, mainly due to higher staff costs[77] Shareholder Information - The Company has not declared any dividends for the period[16] - No dividends were paid or proposed for ordinary shareholders during the three months ended June 30, 2023[49] - The Directors do not recommend the payment of a dividend for the three months ended June 30, 2023, consistent with the prior year[85] - As of June 30, 2023, Mr. Tse Chun Yuen and Mr. Tse Chun Kuen each hold 105,000,000 shares, representing 41.79% of the company's total shareholding[93] - Mr. Tam Wing Yuen is a beneficial owner of 6,000,000 shares, accounting for 2.39% of the total[93] - Land Noble Holdings Limited, beneficially owned by Mr. Tse Chun Yuen and Mr. Tse Chun Kuen, holds 105,000,000 shares, which is 41.79% of the company[103] - The total number of shares held by substantial shareholders is 105,000,000, which is 41.79% of the company's total[102] Corporate Governance - The Company has confirmed compliance with the Required Standard of Dealing for securities transactions by all directors during the three months ended June 30, 2023[110] - The Company has complied with the Corporate Governance Code provisions during the three months ended June 30, 2023[119] - The Company is committed to high standards of corporate governance to protect and promote shareholder interests[119] - The audit committee has reviewed the Group's unaudited condensed consolidated results for the three months ended June 30, 2023, and confirmed compliance with applicable accounting standards and GEM Listing Rules[121] - The Company has established an audit committee comprising three independent non-executive Directors[120] Market Conditions - The Group's gross profit margin is under pressure due to competitive project pricing on tenders and quotations, affecting overall financial performance[61] - The construction industry in Hong Kong remains challenging, with high competition impacting profit margins for new projects during tendering[57] - The overall business environment has gradually improved, but the Group's tendering results remain unsatisfactory[57] Future Outlook - The Group intends to adopt a more prudent approach in project selection, focusing on tenders from well-established contractors and business partners to maintain steady projects and sound receivables[62] - The Group aims to enhance its operating efficiency and profitability by expanding its fleet of machinery and equipment to improve technical capabilities for future project bids[67] - The Group is exploring opportunities to expand its geographical coverage beyond the Hong Kong market to strengthen its revenue base[68] Other Information - The report is unaudited and covers the first quarter results for 2023[14] - The company has not applied any new standards or interpretations that are not yet effective for the current accounting period[28] - The financial statements are presented in thousands of Hong Kong dollars (HK$'000), consistent with the company's functional currency[22] - The Group's total revenue is derived solely from operations in Hong Kong, with no segment information presented due to the single operating segment classification[40] - The Company has not engaged in any business that competes with the Group's business during the reporting period[115] - During the three months ended June 30, 2023, the Company and its subsidiaries did not purchase, sell, or redeem any of the Company's listed securities[112] - The Company has not granted any share options under the Share Option Scheme since its adoption on September 14, 2017[113]
怡康泰工程集团(08445) - 2024 Q1 - 季度财报