Financial Performance - The group's revenue for the nine months ended September 30, 2022, was approximately HKD 517.8 million, a decrease of about 3.8% compared to HKD 538.1 million for the same period in 2021[11]. - The group recorded a net loss of approximately HKD 8.8 million in the third quarter of 2022, compared to a net profit of approximately HKD 14.9 million in the third quarter of 2021[11]. - Basic and diluted loss per share for the third quarter of 2022 was approximately HKD 0.0294, compared to earnings of approximately HKD 0.0503 per share in the third quarter of 2021[11]. - Gross profit for the nine months ended September 30, 2022, was HKD 22.2 million, down from HKD 48.1 million in the same period of 2021[12]. - The group reported a loss before tax of approximately HKD 8.8 million for the nine months ended September 30, 2022, compared to a profit before tax of HKD 18.4 million in the same period of 2021[12]. - The company reported a net loss of HKD 8,834,000 for the period, compared to a profit of HKD 14,931,000 in the previous period[13]. - The group reported a net loss attributable to shareholders of HKD 8,834 million for the nine months ended September 30, 2022, compared to a profit of HKD 14,931 million in 2021[45]. - The company recorded a net loss of approximately HKD 8.8 million in Q3 2022, compared to a net profit of approximately HKD 14.9 million in Q3 2021[59]. Revenue Breakdown - For the three months ended September 30, 2022, the air freight forwarding service revenue was HKD 132,211, a decrease of 38.2% from HKD 214,120 in the same period of 2021[24]. - The sea freight forwarding service revenue for the same period was HKD 18,973, a slight decrease of 1.3% from HKD 19,220 in 2021[24]. - Revenue from Europe for the nine months ended September 30, 2022, was HKD 189,304, a decrease of 12.9% from HKD 217,451 in 2021[35]. - Revenue from Asia decreased to HKD 43,582, down 23.8% from HKD 57,219 in the previous year[35]. - North America revenue remained relatively stable at HKD 246,269, a slight decrease of 0.2% from HKD 246,641 in 2021[35]. - Revenue from air freight forwarding for the nine months ended September 30, 2022, was HKD 248 million, a decrease of 1.3% from HKD 235 million in 2021[37]. - Revenue from air freight forwarding decreased by approximately 11.8% to HKD 444 million in Q3 2022, down from HKD 504 million in Q3 2021[51]. - Revenue from sea freight forwarding increased by approximately 113.3% to HKD 73 million in Q3 2022, up from HKD 34 million in Q3 2021[52]. Expenses and Losses - Administrative and other operating expenses for the nine months ended September 30, 2022, were HKD 31.0 million, compared to HKD 29.8 million in the same period of 2021[12]. - Other comprehensive loss for the nine months ended September 30, 2022, included a foreign exchange loss of HKD 3.98 million[12]. - The company’s accumulated losses increased to HKD 20,322,000 as of September 30, 2022, from HKD 29,156,000 at the beginning of the year[13]. - The company’s share premium account decreased by HKD 16,514,000 due to the costs associated with the issuance of new shares[13]. - Service costs increased by approximately 1.1% to about HKD 495.6 million in Q3 2022, compared to HKD 490 million in Q3 2021, due to ongoing COVID-19 disruptions and increased logistics costs[54]. - Gross profit decreased by approximately 53.8% to about HKD 22.2 million in Q3 2022, down from HKD 48.1 million in Q3 2021, resulting in a gross margin decline from approximately 8.9% to about 4.3%[55]. - Administrative and other operating expenses rose by approximately 4.0% to about HKD 31 million in Q3 2022, compared to HKD 29.8 million in Q3 2021, primarily due to increased employee costs[58]. Strategic Initiatives - The board is focused on strategic initiatives to improve financial performance and explore market expansion opportunities[12]. - The company plans to enhance its service offerings and invest in technology to drive future growth[12]. - The company plans to continue monitoring economic conditions and their impact on future financial performance, with a focus on business development strategies[63]. - The company aims to strengthen its market position in Hong Kong and China by purchasing more cargo space and establishing new offices in China[66]. Corporate Governance - The company has complied with all applicable corporate governance codes, with the exception of the separation of roles between the Chairman and CEO, which are currently held by Zhao[81]. - The audit committee has reviewed the unaudited consolidated financial statements for Q3 2022, confirming compliance with applicable accounting standards and GEM listing rules[87]. - The company has adopted a securities trading code for directors, ensuring compliance with GEM listing rules[84]. - The board will regularly review the necessity of appointing different individuals for the roles of Chairman and CEO to maintain good corporate governance[82]. - The company believes that the current arrangement of having the same individual serve as both Chairman and CEO is beneficial for overall decision-making efficiency[81]. Share Issuance and Capital Structure - The company issued 75,000,000 new ordinary shares at HKD 0.74 per share, raising a total of HKD 55,500,000[16]. - The capital structure as of September 30, 2022, consisted of 300 million issued ordinary shares, unchanged from the previous year[60]. - As of September 30, 2022, Profit Virtue and Peak Connect each hold 112,500,000 shares, representing 37.5% ownership in the company[76]. - Zhao and Wang hold 50% equity in Peak Connect, with Zhao owning 92.32% and Wang 7.68%[75]. - The company has a total of 225,000,000 shares held by major shareholders, with no additional disclosures required from other individuals[76]. Tax and Compliance - The effective tax rate for Hong Kong profits tax was estimated at 16.5% for the nine months ended September 30, 2022[42]. - The company has not identified any significant impact on its financial position or performance due to the recent accounting standard amendments[23]. - The company’s financial statements have not been audited but have been reviewed by the audit committee[23]. - No known conflicts of interest or competitive businesses were reported by directors or major shareholders as of Q3 2022[79].
裕程物流(08489) - 2022 Q3 - 季度财报