Financial Performance - For the nine months ended December 31, 2021, the company reported total revenue of HKD 52,890,000, a decrease of 8.8% compared to HKD 57,455,000 for the same period in 2020[8]. - The gross profit for the same period was HKD 14,967,000, down 32.2% from HKD 22,082,000 in 2020[8]. - The company incurred a loss of HKD 2,248,000 for the nine months ended December 31, 2021, compared to a profit of HKD 6,740,000 in the previous year[8]. - The basic and diluted loss per share for the nine months was HKD 0.21, compared to earnings of HKD 0.70 in 2020[8]. - The company reported a net loss of HKD 1,329,000 for the third quarter, compared to a profit of HKD 1,736,000 in the same quarter of 2020[8]. - The total comprehensive loss attributable to owners of the company for the nine months was HKD 2,309,000, compared to a total comprehensive income of HKD 6,636,000 in 2020[8]. - The company reported a loss attributable to owners of the company of HKD 2,248 thousand for the nine months ended December 31, 2021, compared to a profit of HKD 6,740 thousand for the same period in 2020[39]. - The basic and diluted loss per share for the nine months ended December 31, 2021, was HKD (0.21), compared to HKD 0.70 for the same period in 2020[39]. Revenue and Expenses - Revenue from construction of new properties for the nine months ended December 31, 2021, was HKD 33,646,000, a decrease of 5.0% from HKD 35,406,000 in 2020[21]. - Total revenue for the nine months ended December 31, 2021, was HKD 52,890,000, down 8.0% from HKD 57,455,000 in the same period of 2020[21]. - Other income for the nine months was HKD 923,000, significantly lower than HKD 5,736,000 in the same period last year[8]. - Total employee costs amounted to HKD 40,228 thousand for the nine months ended December 31, 2021, compared to HKD 38,803 thousand for the same period in 2020, reflecting an increase of approximately 3.7%[30]. - Service costs increased from approximately HKD 35.4 million for the nine months ended December 31, 2020, to approximately HKD 37.9 million for the nine months ended December 31, 2021, representing an increase of about 7.2%[47]. - General and administrative expenses decreased from approximately HKD 18.3 million for the nine months ended December 31, 2020, to approximately HKD 13.7 million for the nine months ended December 31, 2021, a reduction of about 25.0%[52]. Equity and Financing - As of December 31, 2021, total equity reached HKD 92,363,000, an increase from HKD 70,540,000 at the end of 2020, reflecting a growth of approximately 30.9%[10]. - The issuance of shares related to the acquisition of an associate amounted to HKD 24,576,000, contributing to the increase in total equity[10]. - The company’s retained earnings increased to HKD 10,913,000 as of April 1, 2021, from HKD 8,665,000 at the end of 2020, indicating a growth of approximately 26.0%[10]. - The company had no borrowings as of December 31, 2021, indicating a strong financial position with sufficient liquidity to meet funding needs[57]. - The company’s interest expenses on bank loans for the nine months ended December 31, 2021, were HKD 5,000, compared to HKD 1,000 in the same period of 2020[29]. - The total financing costs for the nine months ended December 31, 2021, were HKD 182 thousand, compared to HKD 113 thousand for the same period in 2020, indicating an increase of approximately 61.9%[30]. Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to improve future performance[8]. - The company aims to expand its engineering consulting services and is seeking to increase the variety of services offered to different clients in the future[44]. - The company continues to pursue more engineering consulting service contracts to expand its market share despite a challenging business environment[44]. - The company has delayed plans to lease additional office space due to the COVID-19 pandemic and social unrest in Hong Kong[67]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2021[98]. - The company has complied with the corporate governance code as per GEM Listing Rules, except for a deviation regarding insurance for directors' legal actions[93]. - The company will continue to review its corporate governance practices to meet increasing regulatory requirements and stakeholder expectations[94]. - No known conflicts of interest or competition with the company's business were reported among directors or major shareholders as of December 31, 2021[93]. Shareholder Information - The major shareholders, Dr. Chan and Mr. Kwong, own approximately 68.2% and 31.8% of WAC Holdings Limited, respectively, with WAC Holdings holding 363,072,000 shares, representing about 31.52% of the company's total issued share capital[86]. - As of December 31, 2021, the total number of issued shares was 1,152,000,000[85]. - No dividends were proposed for the nine months ended December 31, 2021, consistent with the previous year[96]. - The company did not grant any share options during the nine months ended December 31, 2021, and there were no unexercised options as of that date[96]. - The company has established a share option scheme since August 27, 2018, but no options were granted under this scheme during the reporting period[96].
WAC HOLDINGS(08619) - 2022 Q3 - 季度财报