Financial Performance - The group's revenue for the three months ended September 30, 2023, was HKD 7,119,000, a decrease of 52% compared to HKD 14,795,000 in the same period of 2022[3]. - Gross profit for the same period was HKD 4,342,000, significantly up from HKD 918,000 year-on-year[3]. - The group reported a profit before tax of HKD 4,920,000, compared to a loss of HKD 1,065,000 in the previous year[3]. - The net profit attributable to owners of the company for the period was HKD 4,294,000, a turnaround from a loss of HKD 1,065,000 in the same quarter last year[3]. - Basic and diluted earnings per share for the period were HKD 0.36, compared to a loss per share of HKD 0.88 in the previous year[3]. - For the three months ended September 30, 2023, the company recorded a net profit of approximately HKD 4.3 million, compared to a net loss of approximately HKD 1.1 million for the same period in 2022[23]. - The effective tax rate for the three months ended September 30, 2023, was 16.5%, with a current tax expense of HKD 626,000[18]. - Basic earnings per share for the three months ended September 30, 2023, was HKD 0.36, compared to a loss per share of HKD 0.88 for the same period in 2022[20]. Credit Loss and Income - The group recognized an expected credit loss reversal of HKD 2,721,000 during the quarter, which contributed positively to the profit[3]. - The company reversed expected credit loss provisions of approximately HKD 2.7 million for trade receivables and contract assets during the three months ended September 30, 2023[23]. - Other income for the quarter was HKD 89,000, compared to HKD 52,000 in the same period last year, indicating growth in miscellaneous income sources[15]. Administrative Expenses - Administrative expenses increased slightly to HKD 2,228,000 from HKD 2,024,000 year-on-year[3]. - Administrative expenses for the three months ended September 30, 2023, were approximately HKD 2.0 million, showing no significant change from HKD 2.2 million in the same period of 2022[26]. Business Operations - The company continues to focus on specialized engineering and general construction business primarily in Hong Kong[6]. - The company has been awarded three construction projects since May 2023, with a total contract value of approximately HKD 123 million[28]. - The company aims to expand its market share and pursue more foundation and site preparation projects, as well as renovation projects, while adhering to prudent financial principles[28]. Dividends and Share Capital - The board does not recommend the payment of dividends for the three months ended September 30, 2023, consistent with the previous year[22]. - The company did not recommend the payment of dividends for the three months ended September 30, 2023, consistent with the previous year[38]. - As of September 30, 2023, the company’s directors hold a total of 4,000,000 shares, representing approximately 3.32% of the issued share capital[29]. - Major shareholder Zhao Xue Mei holds 8,999,000 shares, accounting for approximately 7.49% of the total issued share capital[32]. - The company has adopted a share option scheme effective from December 1, 2017, with a validity period of 10 years[39]. - As of September 30, 2023, a total of 10,000,000 share options remain unexercised under the share option scheme[40]. Governance and Compliance - The company’s governance practices are under review to ensure compliance with applicable codes and regulations[35]. - The company’s management structure includes a clear distinction between the board and daily management, although the current setup deviates from the governance code[35]. - All directors confirmed compliance with the trading code for securities transactions during the three months ended September 30, 2023[37]. - The audit committee consists of two independent non-executive directors, chaired by Mr. Yu Dazhi, with a focus on financial data review and risk management[41]. - The unaudited consolidated financial statements for the three months ended September 30, 2023, have been reviewed by the audit committee and comply with applicable accounting standards[41]. - The report has been prepared in accordance with GEM listing rules and has made full disclosures[41]. Accounting Standards - The group has not reported any significant impact from the adoption of new accounting standards effective from July 1, 2023[11].
WT集团(08422) - 2024 Q1 - 季度财报