世大控股(08003) - 2024 Q3 - 季度业绩

Report Summary The company achieved profitability in the three months ended December 31, 2023, significantly narrowing its nine-month loss despite a revenue decline Key Financial Summary (HK$ thousand) | Metric | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | 9 Months Ended Dec 31, 2023 | 9 Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | 23,363 | 30,667 | 71,941 | 137,039 | | Profit/(Loss) attributable to owners of the Company | 2,292 (Profit) | (17,447) (Loss) | (75) (Loss) | (30,974) (Loss) | - For the three months ended December 31, 2023, profit attributable to owners of the Company turned from a loss of HK$17,447 thousand in the prior year to a profit of HK$2,292 thousand[3] - For the nine months ended December 31, 2023, loss attributable to owners of the Company significantly narrowed from a loss of HK$30,974 thousand in the prior year to a loss of HK$75 thousand[3] - The Board does not recommend the payment of a quarterly dividend for the nine months ended December 31, 2023[3] Financial Results This section provides a detailed overview of the Group's financial performance and position, including income, balance sheet, and comprehensive income statements Condensed Consolidated Statement of Profit or Loss The Group achieved profitability for the three months ended December 31, 2023, reversing the prior year's loss, while nine-month cumulative revenue declined and losses significantly narrowed Key Data from Condensed Consolidated Statement of Profit or Loss (HK$ thousand) | Metric | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | 9 Months Ended Dec 31, 2023 | 9 Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | 23,363 | 30,667 | 71,941 | 137,039 | | Cost of sales | (15,126) | (27,905) | (52,431) | (126,168) | | Gross profit | 8,237 | 2,762 | 19,510 | 10,871 | | Profit/(Loss) before tax | 3,730 | (13,444) | 2,961 | (24,116) | | Profit/(Loss) for the period | 3,749 | (13,422) | 3,287 | (24,073) | | Profit/(Loss) attributable to owners of the Company | 2,292 | (17,447) | (75) | (30,974) | - For the three months ended December 31, 2023, gross profit increased by 198.2% year-on-year to HK$8,237 thousand, primarily due to a significant decrease in cost of sales[4] - For the nine months ended December 31, 2023, gross profit increased by 79.5% year-on-year to HK$19,510 thousand, demonstrating effective cost of sales control despite a revenue decline[4] Condensed Consolidated Statement of Financial Position As of December 31, 2023, the Group's total assets and liabilities decreased, net assets slightly increased, and net current liabilities remained high Key Data from Condensed Consolidated Statement of Financial Position (HK$ thousand) | Metric | Dec 31, 2023 (Unaudited) | Mar 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 86,272 | 83,993 | Increase 2,279 | | Current assets | 138,860 | 145,928 | Decrease 7,068 | | Current liabilities | (200,234) | (206,768) | Decrease 6,534 | | Net current liabilities | (61,374) | (60,840) | Increase 534 (Increase in liabilities) | | Non-current liabilities | (20,884) | (19,679) | Increase 1,205 (Increase in liabilities) | | Net assets | 4,014 | 3,474 | Increase 540 | | Equity attributable to owners of the Company | (15,612) | (13,245) | Decrease 2,367 (Decrease in equity) | | Non-controlling interests | 19,626 | 16,719 | Increase 2,907 | | Total equity | 4,014 | 3,474 | Increase 540 | - As of December 31, 2023, cash and bank balances were HK$6,114 thousand, a decrease from HK$10,882 thousand as of March 31, 2023[5] - Biological assets (non-current and current) totaled HK$32,987 thousand, an increase from HK$28,934 thousand as of March 31, 2023, reflecting growth in this asset category[5] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved comprehensive profit for the three months ended December 31, 2023, driven by profit for the period and positive exchange differences, though the nine-month cumulative result remained a comprehensive loss Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ thousand) | Metric | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | 9 Months Ended Dec 31, 2023 | 9 Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Profit/(Loss) for the period | 3,749 | (13,422) | 3,287 | (24,073) | | Exchange differences arising from translation of overseas operations | 2,502 | 3,470 | (4,274) | (12,547) | | Total comprehensive profit/(loss) for the period | 6,251 | (9,952) | (987) | (36,620) | | Total comprehensive profit/(loss) attributable to owners of the Company | 4,491 | (6,163) | (3,894) | (22,400) | - For the three months ended December 31, 2023, total comprehensive profit attributable to owners of the Company was HK$4,491 thousand, a significant improvement from a loss of HK$6,163 thousand in the prior year period[6] - For the nine months ended December 31, 2023, total comprehensive loss attributable to owners of the Company significantly narrowed to HK$3,894 thousand from a loss of HK$22,400 thousand in the prior year period[6] Changes in Reserves and Non-controlling Interests As of December 31, 2023, total reserves attributable to owners of the Company were negative, but non-controlling interests increased, leading to a slight growth in total equity Changes in Reserves and Non-controlling Interests Attributable to Owners of the Company (HK$ thousand) | Metric | Apr 1, 2023 (Audited) | Dec 31, 2023 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Total reserves attributable to owners of the Company | (46,272) | (48,839) | Decrease 2,567 | | Non-controlling interests | 16,719 | 19,626 | Increase 2,907 | | Total | (29,553) | (29,213) | Increase 340 | - As of December 31, 2023, accumulated losses slightly increased from HK$335,535 thousand as of April 1, 2023, to HK$335,610 thousand[8] - Total comprehensive loss for the period had a negative impact of HK$3,894 thousand on reserves attributable to owners of the Company[8] Segment Performance Analysis This section details the revenue and profit contributions from the Group's various business segments, highlighting their individual performance over the reporting periods Segment Revenue and Profit/(Loss) for the 3 Months Ended Dec 31, 2023 (HK$ thousand) | Segment | Revenue | Total reportable segment profit/(loss) | | :--- | :--- | :--- | | Smart Advertising and Railway Media Business | 18,005 | 3,244 | | Agricultural and Forestry Products and Consumer Goods Business | 34 | 683 | | Property Investment | 5,081 | 329 | | Supply Chain Services | 243 | (60) | | Total | 23,363 | 4,446 | Segment Revenue and Profit/(Loss) for the 9 Months Ended Dec 31, 2023 (HK$ thousand) | Segment | Revenue | Total reportable segment profit/(loss) | | :--- | :--- | :--- | | Smart Advertising and Railway Media Business | 63,446 | 4,548 | | Agricultural and Forestry Products and Consumer Goods Business | 134 | 1,625 | | Property Investment | 7,587 | 2,130 | | Supply Chain Services | 774 | 54 | | Total | 71,941 | 8,357 | - The Smart Advertising and Railway Media Business is the Group's primary revenue source, contributing HK$63,446 thousand in revenue and HK$4,548 thousand in reportable segment profit for the nine months ended December 31, 2023[10] - The Property Investment segment contributed HK$7,587 thousand in revenue and HK$2,130 thousand in reportable segment profit over the nine months, demonstrating stable profitability[10] - The Supply Chain Services segment recorded a loss of HK$60 thousand for the three months ended December 31, 2023, but achieved a profit of HK$54 thousand over the nine months[10] Corporate Governance This section outlines the composition and responsibilities of the Audit Committee and the Board of Directors, ensuring robust oversight and ethical conduct Audit Committee The Audit Committee, comprising three independent non-executive directors, is responsible for regularly reviewing the Group's internal control systems and financial reporting - The Audit Committee members include three independent non-executive directors: Mr. Zhong Junyin (Chairman), Ms. Zhao Yongmei, and Mr. Jing Baoli[12] - The Committee regularly meets with the Group's senior management to review the effectiveness of the Group's internal control systems and its quarterly, interim, and annual reports[12] Board Composition The Board of Directors comprises six directors, including three executive directors and three independent non-executive directors - The Board of Directors consists of three executive directors (Mr. Zhang Yanqiang, Mr. Gu Zhonghai, and Mr. Zhao Xinyan) and three independent non-executive directors (Mr. Zhong Junyin, Mr. Zhao Yongmei, and Mr. Jing Baoli)[13] - Mr. Zhao Xinyan serves as the Chairman of the Board[13]