Financial Performance - Revenue for Q1 2023 was HKD 117,053,000, a decrease of 35.2% compared to HKD 180,643,000 in Q1 2022[9] - Gross profit for Q1 2023 was HKD 5,421,000, down 58.1% from HKD 12,913,000 in Q1 2022[9] - The company reported a net loss of HKD 7,113,000 for Q1 2023, compared to a profit of HKD 1,596,000 in Q1 2022[9] - Basic and diluted loss per share for Q1 2023 was HKD (2.37), compared to earnings per share of HKD 0.53 in Q1 2022[9] - Total comprehensive loss for Q1 2023 was HKD 7,571,000, compared to total comprehensive income of HKD 1,449,000 in Q1 2022[9] - The company reported a loss before tax of HKD 7,022,000 for the period, compared to a profit before tax of HKD 2,103,000 in the previous year[22] - The company recorded a net loss of approximately HKD 7,100,000 in Q1 2023, compared to a net profit of HKD 1,600,000 in Q1 2022[51] Revenue Breakdown - Air freight forwarding services generated revenue of HKD 114,494,000, down 25.3% from HKD 153,154,000 year-over-year[17] - Sea freight forwarding services revenue dropped significantly to HKD 2,559,000 from HKD 27,489,000, representing a decline of 90.7%[17] - Revenue from major customers accounted for over 10% of total revenue, with Customer A contributing HKD 38,315,000 and Customer B contributing HKD 15,364,000[29] - Revenue from Europe was HKD 38,918,000, down 27.3% from HKD 53,560,000 in the previous year, while North America revenue decreased by 33.5% to HKD 66,133,000[26] - Air freight forwarding revenue decreased by approximately 25.3% to about HKD 114,500,000 in Q1 2023 from HKD 153,200,000 in Q1 2022[44] - Sea freight forwarding revenue plummeted by approximately 90.5% to about HKD 2,600,000 in Q1 2023 from HKD 27,500,000 in Q1 2022[45] Expenses and Costs - Administrative and other operating expenses increased to HKD 12,454,000 in Q1 2023, up 18.0% from HKD 10,557,000 in Q1 2022[9] - Total other income decreased to HKD 46,000 from HKD 54,000, primarily due to a reduction in interest income[30] - The company's service costs decreased by approximately 33.5% to about HKD 111,600,000 in Q1 2023 from HKD 167,700,000 in Q1 2022[47] Strategic Outlook - The company aims to improve operational efficiency and explore new market opportunities in the upcoming quarters[9] - Future strategies may include potential market expansion and the development of new logistics technologies[9] - The logistics group aims to maintain flexibility and innovation to adapt to new trends and technologies in 2023 and beyond[55] - The group plans to strengthen its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[57] - The group aims to reach more potential customers in China through closer collaboration with airlines to improve cargo space acquisition capabilities[57] Corporate Governance - The company has applied the principles of the GEM Listing Rules corporate governance code but has deviated from certain provisions[66] - The roles of Chairman and CEO are currently held by Mr. Zhao, which the board believes provides strong leadership and effective strategy planning[67] - The board will regularly review the need to appoint different individuals for the roles of Chairman and CEO to maintain good corporate governance[68] - The unaudited consolidated financial statements for the first quarter of 2023 have been reviewed by the audit committee, confirming compliance with applicable accounting standards and GEM listing rules[73] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with standard rules during the first quarter of 2023[70] - There were no reported violations of the trading standards by senior management during the first quarter of 2023[70] Shareholder Information - As of March 31, 2023, Mr. Zhao holds 225,000,000 shares, representing 75% ownership, while Ms. Wang also holds 225,000,000 shares through spousal rights[62] - Major shareholders include Profit Virtue and Peak Connect, each holding 112,500,000 shares, equating to 37.5% ownership[63] - The board is not aware of any business or interests that may compete with the group's operations as of Q1 2023[65] Dividends - The company did not declare or pay any dividends for the periods ending March 31, 2023, and March 31, 2022[37] - No dividends were recommended for Q1 2023, consistent with Q1 2022[56]
裕程物流(08489) - 2023 Q1 - 季度财报