Financial Performance - For the three months ended March 31, 2023, the group recorded unaudited revenue of approximately HKD 50.4 million, an increase of approximately HKD 11.8 million or 30.53% compared to HKD 38.6 million for the same period in 2022[5] - The unaudited loss for the three months ended March 31, 2023, was approximately HKD 5.0 million, a decrease from a loss of approximately HKD 8.8 million for the same period in 2022[5] - Basic and diluted loss per share for the three months ended March 31, 2023, was HKD 0.34, compared to HKD 0.67 for the same period in 2022[5] - The group reported a gross profit of HKD 26.9 million for the three months ended March 31, 2023, compared to HKD 21.1 million for the same period in 2022, reflecting an increase in gross margin[7] - Operating loss for the three months ended March 31, 2023, was HKD 4.2 million, significantly improved from an operating loss of HKD 8.7 million for the same period in 2022[7] - Total comprehensive loss for the three months ended March 31, 2023, was HKD 5.2 million, compared to HKD 8.8 million for the same period in 2022[8] - The company reported a pre-tax loss of HKD 4,989,000 for the three months ended March 31, 2023, compared to a pre-tax loss of HKD 8,822,000 for the same period in 2022, representing a 43.5% improvement[27] - The loss attributable to equity shareholders for Q1 2023 was approximately HKD 5.0 million, a decrease from a loss of HKD 8.8 million in Q1 2022, primarily due to gross profit growth and savings in management and operating expenses[45] Revenue Breakdown - Revenue from furniture and home accessories sales was HKD 34,983,000, while rental income from furniture and home accessories was HKD 4,380,000, and hotel services contributed HKD 11,027,000[20] - Revenue from external customers in Hong Kong was HKD 29,393,000, an increase of 18.6% from HKD 24,760,000 in 2022[24] - Revenue from the United Arab Emirates rose significantly to HKD 20,221,000, compared to HKD 10,898,000 in the previous year, marking an 85.5% increase[24] - Revenue from furniture sales increased by approximately 17.6% to about HKD 35.0 million in Q1 2023, compared to approximately HKD 29.7 million in Q1 2022[36] - The company's project business revenue rose to HKD 11.0 million in Q1 2023, up from approximately HKD 3.9 million in Q1 2022[39] Expenses and Costs - The company incurred total employee costs of HKD 15,905,000, up from HKD 15,159,000 in the previous year, reflecting a 4.9% increase[27] - Depreciation of property, plant, and equipment was HKD 849,000, down from HKD 974,000 in the same period last year, indicating a 12.8% decrease[27] - The company's sales and distribution costs rose by approximately 17.2% to about HKD 12.2 million in Q1 2023, compared to approximately HKD 10.4 million in Q1 2022[42] - Management and other operating expenses decreased by approximately 6.3% to about HKD 19.8 million in Q1 2023, down from approximately HKD 21.1 million in Q1 2022[43] - The financial expenses for Q1 2023 included approximately HKD 295,000 in bank interest for loans, compared to HKD 2,000 in Q1 2022, and lease liability interest expenses of HKD 449,000, up from HKD 162,000 in the same period last year[44] Shareholder Information - The group’s total equity as of March 31, 2023, was approximately HKD 48.2 million, reflecting an increase from HKD 39.9 million as of January 1, 2023[11] - The total number of issued shares as of March 31, 2023, was 1,584,000,000[50] - As of March 31, 2023, major shareholders included John Warren MCLENNAN and Jennifer Carver, each holding 26.17% of the company's shares[50] - Double Lions Limited holds a significant stake of 414,500,000 shares, representing 26.17% of the total shares issued as of March 31, 2023[55] - Century Great Investments Limited owns 215,050,000 shares, accounting for 13.50% of the total shares[55] - Zhang Weiqiang holds 132,000,000 shares, which is 8.33% of the total shares[55] Dividend and Securities Transactions - The group did not recommend the payment of an interim dividend for the three months ended March 31, 2023[5] - The company did not report any inter-segment revenue for the three months ended March 31, 2023, and 2022[23] - The board of directors did not recommend any interim dividend for the three months ended March 31, 2023[59] - No securities were purchased, sold, or redeemed by the company or its subsidiaries during the three months ended March 31, 2023[61] Future Plans and Investments - The company anticipates completing a large residential property development furniture package project in mid-2023, with related revenue expected to be recognized in Q2 or Q3 2023[34] - As of March 31, 2023, the company had utilized approximately HKD 11.8 million of the net proceeds, with plans to expand retail stores in mainland China and the UAE, and enhance online store capabilities by the end of December 2023[48] - The company plans to open additional retail stores in mainland China and the UAE, with an expected completion date by the end of December 2023[48] - The company aims to enhance its information technology capabilities with an investment of approximately HKD 3.0 million, with HKD 1.79 million already utilized[48] - The company has a strategic focus on potential mergers and acquisitions, utilizing unutilized proceeds from the placement for these opportunities[49] Governance and Compliance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[68] - The audit committee has been established and is composed of three independent non-executive directors, enhancing financial oversight[65] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance with the GEM Listing Rules[63] - The company has not provided any financial assistance or guarantees to any entities or affiliates as of March 31, 2023[68]
PACIFIC LEGEND(08547) - 2023 Q1 - 季度财报