Financial Performance - The group recorded unaudited revenue of approximately HKD 44.4 million for the three months ended March 31, 2022, a significant decrease of approximately 45.4% compared to HKD 81.3 million for the same period in 2021[5]. - The group reported an unaudited adjusted loss before tax and government subsidies of approximately HKD 19.4 million for the three months ended March 31, 2022, compared to a loss of HKD 4.5 million in 2021[5]. - The unaudited loss attributable to owners of the company was approximately HKD 14.9 million for the three months ended March 31, 2022, compared to a loss of HKD 0.3 million in 2021[5]. - The operating loss for the group was approximately HKD 16.3 million for the first quarter of 2022, compared to an operating profit of HKD 1.0 million in the same period of 2021[10]. - The loss before tax for the group was approximately HKD 17.2 million for the three months ended March 31, 2022, compared to a loss of HKD 0.044 million in 2021[10]. - The total comprehensive loss for the period was approximately HKD 17.1 million for the three months ended March 31, 2022, compared to a loss of HKD 0.106 million in 2021[13]. Revenue Breakdown - Total revenue from restaurants in Hong Kong for the three months ended March 31, 2022, was HKD 44.0 million, down from HKD 80.4 million in the same period of 2021[50]. - Revenue from Shanghai-style restaurants decreased by approximately 35.9% to HKD 14.3 million for the three months ended March 31, 2022, from HKD 22.3 million in the same period of 2021[53]. - Revenue from Japanese restaurants fell by approximately 49.8% to HKD 11.2 million for the three months ended March 31, 2022, from HKD 22.3 million in the same period of 2021[54]. - Revenue from Thai restaurants decreased by approximately 44.9% to HKD 8.1 million for the three months ended March 31, 2022, from HKD 14.7 million in the same period of 2021[55]. - Revenue from Vietnamese restaurants dropped by approximately 57.4% to HKD 4.6 million for the three months ended March 31, 2022, from HKD 10.8 million in the same period of 2021[56]. - Revenue from Italian restaurants decreased by approximately 44.2% to HKD 5.8 million for the three months ended March 31, 2022, from HKD 10.4 million in the same period of 2021[57]. Government Support - The group received government subsidies of approximately HKD 2.2 million in 2022, down from HKD 4.4 million in 2021[5]. - The loss was partially offset by government subsidies received during the review period, amounting to approximately HKD 2.2 million, compared to HKD 4.4 million in 2021[72]. Operational Challenges - The restaurant operations faced significant pressure due to COVID-19 restrictions, particularly from January 7 to February 23, 2022, when dine-in services were banned[41]. - The future outlook largely depends on the evolution of the COVID-19 pandemic, with the company closely monitoring developments[42]. Shareholder Information - As of March 31, 2022, major shareholders include Mr. Kai Wong with a beneficial interest of 75,268,800 shares (19.60%) and Mr. Chi Po Kwok with 16,406,400 shares (4.27%)[80]. - The company reported a total of 75,268,800 shares held by Guan Huiling, representing 19.60% ownership[88]. - 1957 Co. holds 96,408,800 shares, accounting for 25.11% of the total shares[88]. - Sino Explorer Limited has 73,728,800 shares, which is 19.20% of the total shares[88]. Future Plans - The group aims to expand its restaurant network by developing its own brand restaurants and diversifying existing brands into sub-brands and/or premium brands[75]. - A new restaurant named "Home Shanghai" offering Huaiyang and Shanghai cuisine will be opened in Tseung Kwan O East, with a lease agreement effective from April 19, 2022, for a term of four years[75]. - The company is in advanced discussions with several landlords regarding leasing units for restaurant operations, considering upgrading existing restaurants and opening new concepts with lower capital expenditure[75]. - The company will continue to review the operations and performance of existing restaurants and develop appropriate strategies to maximize returns for investors[76]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[98]. - The audit committee reviewed the financial results for the first quarter ending March 31, 2022, and found them to be in compliance with applicable accounting standards[102]. Miscellaneous - The company did not recommend any dividends for the three months ending March 31, 2022[105]. - There were no significant acquisitions or disposals of subsidiaries or associates during the three months ending March 31, 2022[106]. - The company has not granted any share options under the share option scheme as of March 31, 2022[95]. - No significant events requiring disclosure occurred after March 31, 2022, up to the report date[104].
1957 & CO.(08495) - 2022 Q1 - 季度财报