Financial Performance - For the nine months ended December 31, 2023, the group's revenue was approximately HKD 127.2 million, a decrease of about 24.6% compared to approximately HKD 168.6 million for the nine months ended December 31, 2022[13]. - For the same period, the gross profit was approximately HKD 38.7 million, down about 6.5% from approximately HKD 41.4 million in the previous year[13]. - Net profit decreased from approximately HKD 3.0 million for the nine months ended December 31, 2022, to approximately HKD 0.2 million for the nine months ended December 31, 2023[13]. - Basic and diluted earnings per share for the nine months ended December 31, 2023, were approximately HKD 0.02 cents, compared to HKD 0.30 cents for the same period in 2022[13]. - Revenue for the three months ended December 31, 2023, was HKD 40,057,000, a decrease of 37.4% compared to HKD 63,909,000 for the same period in 2022[14]. - The company reported a net profit of HKD 240,000 for the nine months ended December 31, 2023, a significant decline of 92.1% from HKD 3,027,000 in the same period of 2022[14]. - The company recorded a pre-tax profit of HKD 240,000 for the nine months ended December 31, 2023, compared to HKD 3.0 million for the same period in 2022, indicating a significant decline[32]. Revenue Breakdown - Contract revenue from residential buildings for the nine months ended December 31, 2023, was HKD 24,102,000, a decrease of 6.3% from HKD 25,718,000 in 2022[23]. - Revenue from community facilities for the nine months ended December 31, 2023, was HKD 44,753,000, down 22.8% from HKD 57,998,000 in the previous year[23]. - Revenue from construction protection engineering was HKD 92.6 million, accounting for 72.8% of total revenue, while revenue from construction protection products was HKD 34.6 million, making up 27.2%[37]. - The company's confirmed revenue from construction protection engineering decreased from approximately HKD 123.8 million for the nine months ended December 31, 2022, to approximately HKD 92.6 million for the same period in 2023, primarily due to a reduction in the number of projects undertaken[40]. - Revenue from construction protection products decreased from approximately HKD 44.8 million for the nine months ended December 31, 2022, to approximately HKD 34.6 million for the same period in 2023, mainly due to decreased demand from Hong Kong customers for tile and flooring products[41]. Expenses and Liabilities - The company’s total liabilities increased to HKD 109,951,000 as of December 31, 2023, compared to HKD 107,226,000 at the end of the previous year[16]. - Administrative expenses for the nine months ended December 31, 2023, were HKD 31,748,000, an increase of 3.8% from HKD 30,572,000 in 2022[14]. - The company’s financial costs for the nine months ended December 31, 2023, were HKD 1,117,000, up from HKD 560,000 in the previous year[14]. - The financial costs for the nine months ended December 31, 2023, totaled HKD 1.1 million, an increase from HKD 560,000 in the same period of 2022, representing a rise of 98.2%[27]. - The total employee costs for the nine months ended December 31, 2023, were HKD 32.4 million, a decrease from HKD 33.5 million in the same period of 2022, reflecting a reduction of 3.3%[29]. Dividends and Shareholder Information - The board of directors does not recommend the payment of any dividend for the nine months ended December 31, 2023, consistent with the previous year[13]. - The company did not declare any dividends for the nine months ended December 31, 2023, consistent with the previous year[33]. - As of December 31, 2023, Mr. Lam and Ms. Wang each hold 750 million shares, representing 75% ownership in the company[62]. Corporate Governance and Compliance - The company's corporate governance practices have been adhered to since the listing date, except for a specific provision of the corporate governance code[70]. - The chairman and CEO, Mr. Lin, has held both positions since the company's inception, which the board believes is in the best interest of the group's management effectiveness and business development[71]. - The company has adopted a code of conduct for securities trading that complies with GEM Listing Rules, confirming that all directors have adhered to the trading standards as of December 31, 2023[72]. - The audit committee, established on March 18, 2020, has reviewed the financial reporting process and internal controls, confirming that the unaudited consolidated financial statements for the nine months ending December 31, 2023, were prepared in accordance with applicable accounting standards[73]. Future Outlook and Strategy - The group anticipates continued operational and financial impacts from aggressive pricing strategies by competitors, strict customer budgets, and rising costs in interest rates, materials, subcontracting, and labor in the short term[56]. - The group will regularly review its asset structure and business strategies to adapt to future challenges, focusing on cost control and efficiency improvements to maintain profitability and market competitiveness[56]. - The group aims to expand its workforce and secure more construction protection projects in Hong Kong to strengthen its market position[56]. - The board remains confident in the group's prospects and is committed to creating long-term sustainable value for the company and its shareholders[56]. Environmental and Legal Compliance - The group has not faced any prosecutions, fines, or penalties for violating applicable environmental laws or regulations as of the report date[58]. - There are no reported conflicts of interest among the directors, major shareholders, or their close associates regarding the group's business[61]. Listing and Financial Proceeds - The net proceeds from the company's listing amounted to approximately HKD 21.6 million, with planned uses including purchasing additional machinery and equipment, expanding workforce, and enhancing financial stability[52][53]. - As of the report date, approximately HKD 18.8 million of the net proceeds from the listing had been utilized, with the remaining funds held in a licensed bank in Hong Kong[54]. Asset Management - The company incurred a loss of HKD 173,000 from the disposal of properties and equipment for the nine months ended December 31, 2023, compared to a loss of HKD 141,000 in the same period of 2022[26]. - The company’s total depreciation expenses for property and equipment were HKD 2.8 million for the nine months ended December 31, 2023, slightly down from HKD 2.8 million in the same period of 2022[29]. - The group has not purchased, sold, or redeemed any of its listed securities during the nine months ending December 31, 2023[69]. - The group has no unexercised share options as of December 31, 2023, and no options have been granted, exercised, or canceled since the listing date[68].
新威工程集团(08616) - 2024 Q3 - 季度业绩