Financial Performance - For the three months ended June 30, 2022, the revenue was HK$89,336,000, a decrease of 31% compared to HK$129,888,000 for the same period in 2021[20]. - The gross profit for the same period was HK$2,247,000, down 81% from HK$11,595,000 in the previous year[20]. - The loss before taxation was HK$2,954,000, compared to a profit of HK$3,980,000 in the previous period[20]. - The net loss for the period was HK$3,413,000, compared to a profit of HK$3,312,000 in the same period last year[20]. - Total comprehensive expenses for the period amounted to HK$3,507,000, a decrease from a total comprehensive income of HK$3,828,000 in the previous year[21]. - Basic and diluted loss per share was HK$0.41, compared to earnings per share of HK$0.40 in the prior year[21]. - The company reported a loss before tax of HK$2,954,000, reflecting a challenging operational environment[53]. - The Group recorded a net loss of approximately HK$3.4 million for the period ended 30 June 2022, compared to a net profit of approximately HK$3.3 million for the same period in 2021, reflecting a significant decline in performance due to the ongoing impact of COVID-19[87]. Revenue Breakdown - Revenue from air freight services was HK$74,763,000, down 29.5% from HK$106,151,000 in the previous year[51]. - Revenue from sea freight services decreased by 44.7% to HK$13,316,000 from HK$23,737,000 year-on-year[51]. - The newly introduced segment, entrusted management services for operating an online e-commerce platform, generated revenue of HK$1,257,000 during the period[51]. - Total revenue for the period ended June 30, 2022, was HK$89,336,000, with external revenue from freight forwarding services at HK$88,079,000 and related logistics services at HK$1,257,000[53]. - Revenue from Hong Kong was HK$88,079,000, while revenue from the People's Republic of China was HK$1,257,000[59]. Cost Management - Administrative expenses decreased to HK$4,811,000 from HK$6,344,000, reflecting a reduction of 24%[20]. - Sales and marketing expenses were reduced to HK$1,037,000, down 28% from HK$1,446,000 in the previous year[20]. - The company continues to focus on cost management strategies to mitigate the impact of declining revenues[20]. - The cost of services decreased by approximately 26.4% from approximately HK$118.3 million to approximately HK$87.1 million[109]. - Administrative expenses reduced from approximately HK$6.3 million in the previous period to about HK$4.8 million, primarily due to decreases in legal and compliance costs, professional fees, and depreciation[121]. Impairment and Other Income - The company recognized a reversal of impairment losses on trade receivables of HK$422,000, compared to a loss of HK$570,000 in the previous period[20]. - A reversal in impairment loss of approximately HK$0.4 million was recognized, compared to an additional impairment loss of approximately HK$0.6 million in the Previous Period[119]. - Other income increased to HK$322,000 from HK$76,000, representing a significant growth of 324%[20]. - The Group experienced a total other income loss of HK$322,000 in Q2 2022, compared to a loss of HK$76,000 in Q2 2021, indicating challenges in generating additional income streams[76]. Shareholder Information - As of June 30, 2022, Mr. Liao Daichun holds 182,690,000 shares, representing approximately 21.75% of the company's issued share capital[163]. - Mr. Thomas Loy has an interest in a controlled corporation, Ho Tat Limited, holding 126,652,000 shares, which is about 15.08% of the company's issued share capital[163]. - Mr. Luo Honghui holds 90,160,000 shares, which accounts for approximately 10.73% of the company's issued share capital[163]. - Zhongyuehui (Shenzhen) Holdings Group Limited is a beneficial owner of 75,990,000 shares, representing about 9.05% of the company's issued share capital[163]. Corporate Governance - The Audit Committee consists of three independent non-executive Directors, with Mr. Ho Yuk Ming Hugo as the chairman, responsible for monitoring the integrity of the company's financial statements[177]. - The company has established an Audit Committee to ensure compliance with GEM Listing Rules and CG Code[177]. - The company maintains a register of interests as required under section 336 of the SFO[160]. - The Company adopted a Share Option Scheme on August 14, 2018, to incentivize key staff[170].
万励达(08482) - 2023 Q1 - 季度财报