Financial Performance - Revenue for the nine months ended December 31, 2022, was HK$253,408,000, a decrease of 11.7% compared to HK$287,208,000 for the same period in 2021[10] - Gross profit for the same period was HK$11,165,000, down 20.5% from HK$14,104,000 in 2021[10] - Profit for the period was HK$1,891,000, representing a decline of 44.5% compared to HK$3,415,000 in the previous year[10] - Profit before tax decreased to HK$2,064,000, down 50% from HK$4,122,000 in the corresponding period of 2021[10] - Basic earnings per share for the period were HK$0.24, a decrease from HK$0.43 in the same period last year[10] - Total comprehensive income for the period was HK$1,910,000, down from HK$3,432,000 in the previous year[10] - The total revenue decreased by approximately HK$33.8 million or 11.8%, from approximately HK$287.2 million for the nine months ended December 31, 2021, to approximately HK$253.4 million for the nine months ended December 31, 2022[76] - Gross profit decreased by approximately HK$2.9 million from approximately HK$14.1 million for the nine months ended December 31, 2021, to approximately HK$11.2 million for the nine months ended December 31, 2022[82] - Profit for the period decreased from approximately HK$3.4 million for the nine months ended December 31, 2021, to approximately HK$1.9 million for the nine months ended December 31, 2022[94] Revenue Breakdown - Revenue from construction services for residential properties increased to HK$168,938,000, up 27.7% from HK$132,057,000 in 2021[30] - Revenue from construction services for commercial properties decreased to HK$84,470,000, down 45.7% from HK$155,151,000 in 2021[30] - Major customers contributing 10% or more of total revenue included Customer A with HK$92,339,000 and Customer D with HK$55,939,000[39] Expenses and Costs - Administrative expenses were reduced to HK$6,565,000, down from HK$6,949,000 in 2021, indicating a cost control effort[10] - Finance costs for the period increased to HK$4,514,000, compared to HK$3,028,000 in the previous year, primarily due to higher interest on bank borrowings[44] - Current tax expenses for the period were HK$173,000, a decrease from HK$707,000 in the same period of 2021[46] - Total staff costs for the period amounted to HK$39,445,000, an increase of 9.5% from HK$35,983,000 in the previous year[55] - The cost of services decreased to approximately HK$242.2 million for the nine months ended December 31, 2022, from approximately HK$273.1 million for the nine months ended December 31, 2021, representing a decrease of approximately 11.3%[77] Projects and Market Outlook - The Group had nine projects in progress with a total original contract sum of approximately HK$521.1 million, of which approximately HK$29.8 million was recognized as revenue during the reporting period[65] - Three new projects were awarded during the reporting period, with a total contract sum of approximately HK$47.6 million[65] - The forecast for residential building completions in Hong Kong is 22,851 new units in 2022 and 21,848 new units in 2023, driving demand for façade and curtain wall works[66] - Office completions in Hong Kong are expected to increase to 350,200 m² in 2022, with Grade A completions accounting for 282,300 m²[67] Corporate Governance and Compliance - The unaudited financial statements have been reviewed by the Audit Committee but not audited by independent auditors[22] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2022, confirming compliance with applicable accounting standards and adequate disclosure[127] - The Company has established an Audit Committee in compliance with GEM Listing Rules and the Corporate Governance Code[125] - The Company has applied the principles and code provisions in the Corporate Governance Code as of December 31, 2022[124] - All Directors confirmed compliance with the required standards for securities transactions during the nine months ended December 31, 2022[122] Shareholding and Securities - As of December 31, 2022, Mr. Chow Mo Lam holds 600,000,000 shares, representing 75% of the company's shareholding[99] - C.N.Y. Holdings Limited, owned 83% by Mr. Chow and 17% by Mr. Yu, directly holds 600,000,000 shares, which are deemed to be controlled by Mr. Chow[103] - Ms. Hau Pak Sui, spouse of Mr. Chow, is also deemed to be interested in the 600,000,000 shares held by C.N.Y. Holdings Limited[114] - No dividends were paid, declared, or proposed during the nine months ended 31 December 2022, consistent with the previous year[56] - The Company has not purchased, sold, or redeemed any of its listed securities during the reporting period[116] Other Income and Gains - The Group reported exchange gains of HK$203,000 and government subsidies of HK$1,699,000 during the nine months ended December 31, 2022[41] - Other income, gains, and losses increased by approximately HK$1.9 million for the nine months ended December 31, 2022, mainly due to subsidies received under the Employment Support Scheme[83]
宝发控股(08532) - 2023 Q3 - 季度财报