Financial Performance - Revenue for the first quarter ended June 30, 2023, was HK$90,322,000, a decrease of 2.6% compared to HK$92,508,000 in the same period of 2022[10] - Gross profit increased to HK$6,279,000, representing a 43.3% increase from HK$4,381,000 in the previous year[10] - Profit from operations rose to HK$3,856,000, up 50% from HK$2,570,000 in the same quarter of 2022[10] - Profit for the period was HK$1,022,000, a decrease of 20.6% compared to HK$1,288,000 in the prior year[10] - Total comprehensive income for the period was HK$1,044,000, down from HK$1,318,000 in the same quarter of 2022[10] - Basic earnings per share for the first quarter was HK$0.13, compared to HK$0.16 in the previous year[10] - The Group reported exchange gains of HK$7,000 for the period, compared to exchange losses of HK$30,000 in the previous year[43] - For the three months ended June 30, 2023, the Group's profit was HK$1,022,000, a decrease from HK$1,288,000 in the same period of 2022, representing a decline of approximately 20.6%[64] - The Group's total revenue decreased by approximately HK$2.2 million or 2.4%, from approximately HK$92.5 million for the three months ended June 30, 2022, to approximately HK$90.3 million for the three months ended June 30, 2023[79] - Profit for the period decreased from approximately HK$1.3 million to approximately HK$1.0 million, influenced by various factors including increased finance costs and decreased other income[91] Expenses and Costs - Administrative expenses increased to HK$2,548,000, up from HK$2,378,000 in the same period of 2022[10] - Finance costs significantly increased to HK$2,641,000 from HK$1,175,000 in the previous year, indicating a rise in borrowing costs[10] - Current tax expenses for the period were HK$193,000, compared to HK$107,000 in the same period of 2022[48] - The total staff costs for the period amounted to HK$14,439,000, an increase of 5.5% compared to HK$13,692,000 in the previous year[57] - The cost of services decreased to approximately HK$84.0 million for the three months ended June 30, 2023, from approximately HK$88.1 million for the same period in 2022, representing a decrease of approximately 4.7%[80] - Finance costs increased from approximately HK$1.2 million to approximately HK$2.6 million, mainly due to the increase in the average interest rate of bank borrowings[89] - The income tax expenses increased by approximately HK$0.1 million, from approximately HK$0.1 million to approximately HK$0.2 million for the same period[90] Revenue Breakdown - Revenue from construction services for residential properties increased to HK$61,330,000, up 53% from HK$40,177,000 in 2022[31] - Revenue from construction services for commercial properties decreased to HK$28,992,000, down 45% from HK$52,331,000 in 2022[31] - All revenue recognition for the period was over time, consistent with the previous year[34] Company Overview - Polyfair Holdings Limited was incorporated in the Cayman Islands and listed on GEM of The Stock Exchange of Hong Kong Limited on February 23, 2018[15] - The Group's non-current assets are substantially located in Hong Kong, with no geographical revenue breakdown provided[33] - The Group's financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited by independent auditors[22] Corporate Governance - The Company complied with all applicable code provisions set out in the Corporate Governance Code as of June 30, 2023[120] - The Audit Committee, established on January 25, 2018, comprises three independent non-executive Directors[126] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, confirming compliance with applicable accounting standards and GEM Listing Rules[128] - All Directors confirmed compliance with the Required Standard for securities transactions for the three months ended June 30, 2023[118] - The Company has not been aware of any competing businesses or conflicts of interest among Directors as of June 30, 2023[116] Future Outlook - The forecast for residential building completions in Hong Kong is 19,953 new units in 2023 and 26,970 new units in 2024, driving demand for façade and curtain wall works[70] - Office completions in Hong Kong in 2022 were 351,300 m², expected to drop to 267,200 m² in 2023 and further to 105,700 m² in 2024[75] - The Group remains optimistic about its core business in high-quality facade and curtain wall engineering in Hong Kong, aiming to enhance sales efforts and expand its customer base[77] - The Group aims to strengthen its sales efforts and control service costs to expand its customer base and achieve sustainable business growth[76] Shareholding and Directors - 600,000,000 shares are directly held by C.N.Y. Holdings Limited, with Mr. Chow owning 83% and Mr. Yu owning 17%[105] - As of June 30, 2023, C.N.Y. Holdings Limited holds a 75% shareholding in the Company[111] - No share options had been granted up to June 30, 2023, under the Group's share option scheme[119] - Directors' remuneration for the period was HK$1,502,000, slightly up from HK$1,470,000 in the previous year[57] - There were no interests or short positions in shares recorded for Directors or chief executives as of June 30, 2023[106] - Mr. Chow is deemed to be interested in the 600,000,000 shares held by C.N.Y. Holdings Limited[115] - Ms. Hau Pak Sui, as the spouse of Mr. Chow, is also deemed to be interested in the same 600,000,000 shares[115]
宝发控股(08532) - 2024 Q1 - 季度财报