Financial Performance - For the three months ended September 30, 2023, G.A. Holdings reported revenue of HKD 516,045,000, a decrease of 18.6% compared to HKD 634,565,000 for the same period in 2022[6]. - Total income for the nine months ended September 30, 2023, was HKD 1,608,350,000, down 10.8% from HKD 1,802,976,000 in the previous year[6]. - The net profit for the nine months ended September 30, 2023, was HKD 3,375,000, a significant decrease of 85.8% from HKD 23,905,000 in the previous year[6]. - For the nine months ended September 30, 2023, the company's unaudited consolidated revenue decreased by 12.9% to HKD 1,534,431,000 from HKD 1,761,765,000 for the same period in 2022[34]. - Revenue from automobile sales for the nine months ended September 30, 2023, decreased by 18.0% to HKD 1,067,936,000 from HKD 1,302,485,000 for the same period in 2022, primarily due to intense price competition[35]. - Operating profit for the nine months ended September 30, 2023, decreased by 26.1% to HKD 163,800,000 from HKD 221,590,000 for the same period in 2022, with an operating margin of 10.7% compared to 12.6% in the previous year[40]. Profitability and Earnings - The operating profit for the three months ended September 30, 2023, was HKD 20,859,000, an increase of 189.5% compared to HKD 7,196,000 in the same period of 2022[6]. - Basic and diluted earnings per share for the three months ended September 30, 2023, were HKD 1.50, compared to a loss of HKD 0.52 in the same period of 2022[7]. - The company's attributable profit for the nine months ended September 30, 2023, was HKD 3,375,000, a decrease from HKD 23,905,000 for the same period in 2022, attributed to the price war among major automotive brands in China[48]. Revenue Breakdown - Vehicle sales revenue was HKD 358,229 thousand, down 23.9% from HKD 470,629 thousand year-on-year[24]. - Automotive service and parts sales revenue increased slightly to HKD 150,082 thousand, compared to HKD 155,892 thousand in the previous year, reflecting a decrease of 3.5%[24]. - Total income from vehicle leasing was HKD 5,488 thousand, a marginal increase from HKD 5,267 thousand in the same quarter last year[24]. - Other income increased to HKD 73,919,000 for the nine months ended September 30, 2023, from HKD 41,211,000 for the same period in 2022, mainly due to an increase in consulting service income[41]. - The company reported a significant increase in consultancy service income, which rose to HKD 23,017 thousand from HKD 9,746 thousand, marking a growth of 136.5%[24]. - Financial guarantee income increased to HKD 1,243 thousand from HKD 575 thousand, representing a growth of 116.5% year-on-year[24]. Expenses and Costs - Employee benefit expenses for the nine months ended September 30, 2023, were HKD 97,329,000, a slight decrease from HKD 100,950,000 in the same period of 2022[6]. - Employee benefit expenses decreased by 3.6% to HKD 97,329,000 for the nine months ended September 30, 2023, compared to HKD 100,950,000 for the same period in 2022[42]. - Financial costs increased to HKD 28,858,000 for the nine months ended September 30, 2023, from HKD 25,250,000 for the same period in 2022, primarily due to rising overall interest rates[47]. Foreign Exchange and Other Losses - The company experienced a foreign exchange loss of HKD 17,964,000 for the nine months ended September 30, 2023, compared to a loss of HKD 75,712,000 in the same period of 2022[7]. - The company recorded a foreign exchange loss of HKD 2,247,000 for the nine months ended September 30, 2023, compared to HKD 4,742,000 for the same period in 2022[45]. Corporate Governance and Compliance - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[67]. - The company has adhered to corporate governance standards as outlined in the GEM listing rules during the reporting period[68]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the nine months ended September 30, 2023, which were approved by the board on November 9, 2023[69]. - The audit committee consists of Mr. Zhou Ming (Chairman), Ms. Guan Xin, and Mr. Lin Ju Zheng, focusing on financial reporting and risk management[69]. Shareholder Information - Major shareholders include Mr. Luo Ping with 22.63% ownership and Loh & Loh Construction Group Ltd. with 9.51%[55]. - The board does not recommend the distribution of an interim dividend for the nine months ending September 30, 2023, consistent with the previous year[49]. - No share options were granted under the share option scheme during the nine months ending September 30, 2023[63]. Strategic Focus - G.A. Holdings is focused on expanding its automotive sales and related technical services, as well as enhancing its automotive rental services[11]. - The management expects to continue focusing on expanding automotive services and enhancing technology fees to drive future growth[24]. - The company maintains its leading position in the luxury car market in China, despite ongoing price wars, and is actively investing in the electric vehicle market[51]. Assets and Guarantees - As of September 30, 2023, the company’s total unaudited assets are approximately HKD 1,690,502,000[65]. - The company provided guarantees amounting to HKD 143,444,000 to Zhongbao Group, representing 8.5% of its asset ratio[65].
G.A.控股(08126) - 2023 Q3 - 季度财报