Financial Performance - For the three months ended May 31, 2023, the revenue was HKD 1,322,000, a decrease of 62.3% compared to HKD 3,511,000 for the same period last year[5] - For the nine months ended May 31, 2023, the revenue was HKD 5,683,000, down 45.0% from HKD 10,357,000 in the previous year[5] - The net loss for the three months ended May 31, 2023, was HKD 289,000, compared to a net loss of HKD 621,000 for the same period last year[5] - The net loss for the nine months ended May 31, 2023, was HKD 1,167,000, an increase from a net loss of HKD 679,000 in the previous year[5] - The total comprehensive loss for the three months ended May 31, 2023, was HKD 271,000, compared to HKD 593,000 for the same period last year[7] - The total comprehensive loss for the nine months ended May 31, 2023, was HKD 1,120,000, compared to HKD 652,000 in the previous year[7] - The company reported a basic and diluted loss per share of HKD 0.63 for the three months ended May 31, 2023, compared to HKD 1.42 for the same period last year[5] - The company reported a loss attributable to equity holders of SGD 1,070,000 for the period ending May 31, 2023, indicating significant uncertainty regarding its ability to continue as a going concern[13] Revenue Sources - Restaurant operations generated revenue of SGD 1,307,000 for the three months ending May 31, 2023, a decrease of 62.7% compared to SGD 3,507,000 for the same period in 2022[22] - Total revenue for the nine months ending May 31, 2023, was SGD 5,683,000, down 45.3% from SGD 10,357,000 in the same period of 2022[22] - Revenue from food ingredient sales increased from approximately SGD 1,000 to about SGD 46,000, attributed to rising demand for dining and delivery services following the easing of COVID-19 restrictions[44] - Franchise and licensing service revenue decreased from approximately SGD 12,000 to zero, a decline of 100%, due to the impact of COVID-19 on the global economy leading to restaurant closures[45] Cost Management - The company’s financial costs for the three months ended May 31, 2023, were HKD 19,000, a significant decrease from HKD 190,000 in the previous year[5] - Cost of goods sold decreased from approximately SGD 2.7 million to about SGD 1.4 million, a reduction of approximately 48.1%, in line with the decrease in revenue[46] - Employee costs decreased from approximately SGD 3.8 million to about SGD 2.8 million, a decline of approximately 26.3%, due to salary cuts, adjustments in compensation, layoffs, and the closure of six self-operated restaurants[47] - Other expenses decreased from approximately SGD 1.9 million to about SGD 1.2 million, a reduction of approximately 36.8%, consistent with the closure of six self-operated restaurants[49] - Financial costs decreased from approximately SGD 590,000 to about SGD 195,000, a reduction of approximately 66.9%, primarily due to a decrease in other loans and lease liabilities[50] Strategic Initiatives - The company plans to eliminate underperforming restaurants and tighten expenditure controls to improve profitability[14] - The management is seeking investors to ensure sufficient financial support for the company's ongoing operations[15] - The company is preparing to embrace significant opportunities following market recovery[15] - The group plans to expand its restaurant network into other Southeast Asian countries and aims to become a leading restaurant operator in Singapore[41] - The group has secured exclusive franchise rights to open new restaurants under the "Chir Chir," "Masizzim," "Kogane Yama," and "Nipong Naepong" brands in Singapore, indicating a strategic expansion of its brand portfolio[40] - The group aims to enhance its brand image and explore innovative business models with growth potential to capture new market opportunities[41] Financial Support and Liabilities - The company secured a revolving loan of HKD 40,000,000 (approximately SGD 7,119,000) from an independent third party to support its operations[14] - The company has not made any significant investments or acquisitions during the period, aside from investments in subsidiaries[53] - As of May 31, 2023, the company had no significant contingent liabilities or pledged assets[52] Shareholder and Governance Matters - The company agreed to place up to 8,800,000 shares at a price of HKD 0.282 per share on July 12, 2023, through a placement agreement[54] - As of May 31, 2023, major shareholders hold significant stakes, with Canola and associated individuals each owning 3,049,900 shares, representing approximately 6.93% of the total issued shares[61] - The total issued shares as of May 31, 2023, is 44,000,000, indicating that the ownership percentages are calculated based on this figure[64] - The company has not repurchased any of its listed securities during the reporting period, nor have any subsidiaries bought or sold such securities[66] - The company has confirmed compliance with the GEM Listing Rules and has adopted all applicable corporate governance code provisions during the reporting period[71] - The company has disclosed that there are no other entities or individuals with registered interests or short positions in the company's shares as of May 31, 2023[65] - The company has confirmed that all directors have complied with the required trading code during the reporting period[70] - The company has not complied with GEM Listing Rules 5.05(1), 5.05A, and 5.28 following the resignation of an independent non-executive director on June 1, 2023, leaving only two independent non-executive directors[76] - The board will make efforts to appoint suitable candidates to fill the vacancies within three months from June 1, 2023, to ensure compliance with GEM Listing Rules[76] - The current executive directors include the chairman and three other members, while there are two independent non-executive directors[78] - GEM Listing Rule 5.05(1) requires at least three independent non-executive directors on the board[79] - GEM Listing Rule 5.05A mandates that independent non-executive directors must constitute at least one-third of the board[79] - GEM Listing Rule 5.28 requires the audit committee to have a minimum of three members[79]
千盛集团控股(08475) - 2023 Q3 - 季度财报