Financial Performance - For the three months ended September 30, 2023, the company reported revenue of HKD 64,056,000, a decrease of 45.5% compared to HKD 117,035,000 for the same period in 2022[9]. - The gross profit for the nine months ended September 30, 2023, was HKD 19,354,000, down 63.5% from HKD 52,960,000 in the previous year[9]. - The company incurred an operating loss of HKD 8,433,000 for the nine months ended September 30, 2023, compared to an operating profit of HKD 12,066,000 in the same period of 2022[9]. - The net loss attributable to owners for the nine months ended September 30, 2023, was HKD 13,381,000, compared to a profit of HKD 7,113,000 in the previous year[9]. - Basic loss per share for the nine months ended September 30, 2023, was HKD (2.23), compared to earnings of HKD 1.19 for the same period in 2022[9]. - The company reported total comprehensive loss of HKD 13,515,000 for the nine months ended September 30, 2023, compared to total comprehensive income of HKD 6,834,000 in the previous year[9]. - Interest income for the nine months ended September 30, 2023, was HKD 1,816,000, a decrease from HKD 2,169,000 in the same period of 2022[9]. - For the nine months ended September 30, 2023, total revenue was HKD 195,486,000, a decrease of 48.3% compared to HKD 379,079,000 for the same period in 2022[18]. - The company reported a total comprehensive loss of HKD 13,393,000 for the nine months ended September 30, 2023, compared to a loss of HKD 2,287,000 in the same period of 2022[10]. - For the nine months ended September 30, 2023, the company reported a loss attributable to shareholders of HKD 13,381,000, compared to a profit of HKD 7,113,000 for the same period in 2022, representing a significant decline[22]. - Total revenue decreased by 48.4% from HKD 379.1 million for the nine months ended September 30, 2022, to HKD 195.5 million for the same period in 2023[31]. - The gross profit for the nine months ended September 30, 2023, was HKD 19.4 million, a decrease of 63.4% from HKD 53.0 million in the same period of 2022[34]. - The gross profit margin declined from 14.0% for the nine months ended September 30, 2022, to 9.9% for the same period in 2023, reflecting challenges in the logistics sector[35]. - The group recorded a loss attributable to owners of HKD 13.4 million, compared to a profit of HKD 7.1 million for the nine months ended September 30, 2022[39]. Revenue Breakdown - Air freight agency service revenue for the nine months was HKD 53,682,000, down 45.3% from HKD 98,796,000 in 2022[18]. - Sea freight agency service revenue decreased by 78.4% to HKD 18,070,000 from HKD 83,495,000 year-on-year[18]. - Logistics and warehousing service revenue fell by 37.0% to HKD 63,526,000 compared to HKD 100,607,000 in the previous year[18]. - E-commerce fulfillment service revenue and others decreased by 37.4% to HKD 60,208,000 from HKD 96,181,000 in 2022[18]. - Revenue from air freight agency services dropped by 45.1% to HKD 53.7 million, while revenue from sea freight agency services fell by 78.3% to HKD 18.1 million[31]. Cost Management - Administrative and selling expenses for the nine months ended September 30, 2023, were HKD 29,332,000, down from HKD 45,678,000 in the previous year, indicating a cost reduction strategy[9]. - The company experienced a decrease in sales cost to HKD 176,132,000 for the nine months ended September 30, 2023, from HKD 326,119,000 in the previous year, reflecting improved cost management[9]. - Administrative and selling expenses decreased from HKD 45.7 million to HKD 29.3 million, a reduction of approximately HKD 16.4 million[38]. Strategic Focus - The company is focusing on strategic initiatives to enhance operational efficiency and market presence amid challenging market conditions[8]. - The company plans to continue investing in cold chain logistics solutions and e-commerce fulfillment services to meet growing demand[29]. - Management is focused on strict cost control and pricing adjustments to enhance profitability despite challenging market conditions[29]. - The company aims to leverage its logistics expertise to capture new business opportunities and strengthen relationships with suppliers and clients[28]. - The overall business outlook remains challenging, with cautious expectations regarding rising fuel and labor costs[29]. - The decline in revenue was primarily due to a slow recovery in freight volume and a significant drop in container prices, impacting air and sea freight services[39]. Corporate Governance and Compliance - The company has complied with the corporate governance code under the GEM listing rules during the reporting period[66]. - The audit committee has been established to review and monitor the financial reporting system, risk management, and internal control systems of the group[69]. - The audit committee consists of three independent non-executive directors, with Mr. Mei Yihwa serving as the chairman[69]. - The unaudited condensed consolidated financial statements for the period have been reviewed and deemed compliant with applicable accounting standards and GEM listing rules[69]. - The company is committed to full disclosure in accordance with applicable laws and regulations[69]. - The financial statements have been prepared in accordance with the relevant accounting standards and regulations[69]. - The report is part of the company's ongoing commitment to transparency and accountability in financial reporting[70]. Shareholder Information - Major shareholders include Million Venture Holdings Limited, holding 28.38% of shares, and Chen Zhencheng, holding 10%[51]. - As of September 30, 2023, a total of 3,000,000 stock options have been granted under the stock option plan, which remain unexercised[55]. - The stock option plan allows for the issuance of up to 60,000,000 shares, representing 10% of the total shares issued on the listing date[54]. - No stock options were exercised during the reporting period[58]. - The company is considering revising the stock option plan to comply with the new GEM listing rules effective January 1, 2023[60]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or bonds of the company or any other entity[61]. Lease and Meetings - A lease renewal agreement has been established for a property, effective from January 1, 2024, to December 31, 2026, with an option to renew for an additional three years[68]. - The company will hold a special general meeting on November 24, 2023, to seek shareholder approval for the lease renewal agreement[68]. Other Information - The company did not recognize any Hong Kong profits tax provision during the period due to no taxable profits generated in Hong Kong[20]. - The company’s capital reserve includes profits generated from air and sea freight agency services prior to July 1, 2015, amounting to HKD 17,659,000[12]. - The company’s share capital remained unchanged at HKD 6,000,000 as of September 30, 2023[10]. - The company has not declared or proposed any dividends for the nine months ended September 30, 2023, consistent with the previous year[23]. - The company decided not to declare an interim dividend for the period, consistent with the previous year[41]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[43]. - No purchases, redemptions, or sales of the company's listed securities were made by the company or its subsidiaries during the period[44]. - There have been no significant changes since the publication of the company's 2022 annual report[64].
骏高控股(08035) - 2023 Q3 - 季度财报