维港育马(08377) - 2023 Q3 - 季度财报

Financial Performance - For the nine months ended September 30, 2023, the revenue amounted to approximately HK$61.9 million, an increase from HK$51.6 million in the same period of 2022, representing a growth of 19.4%[8] - The loss after taxation for the nine months ended September 30, 2023, was approximately HK$21.6 million, compared to a loss of HK$16.3 million in the same period of 2022, indicating a deterioration of 32.1%[8] - Basic and diluted loss per share for the nine months ended September 30, 2023, was approximately HK5.28 cents, compared to HK3.98 cents for the same period in 2022, reflecting an increase of 32.7%[10] - For the three months ended September 30, 2023, the revenue was HK$19.4 million, up from HK$15.5 million in the same quarter of 2022, marking a growth of 24.5%[10] - The gross profit for the nine months ended September 30, 2023, was a loss of HK$1.54 million, compared to a gross profit of HK$5.46 million in the same period of 2022, indicating a decline of 128.2%[10] - Total comprehensive loss for the nine months ended September 30, 2023, was HK$25.08 million, compared to HK$22.19 million in the same period of 2022, representing an increase of 13.0%[11] - The company reported a loss before tax of HK$21.60 million for the nine months ended September 30, 2023, compared to a loss of HK$16.29 million in the same period of 2022, representing an increase of 32.9%[10] - The company reported a loss for the period of HK$21,596,000 for the nine months ended September 30, 2023, compared to a loss of HK$16,290,000 for the same period in the previous year[13] - The total comprehensive loss for the nine months ended September 30, 2023, was HK$25,076,000, which includes an exchange loss of HK$3,480,000[13] Expenses and Costs - The administrative expenses for the nine months ended September 30, 2023, were HK$15.70 million, down from HK$21.52 million in the same period of 2022, showing a reduction of 27.1%[10] - Other income and gains for the nine months ended September 30, 2023, totaled HK$3.02 million, a decrease from HK$6.94 million in the same period of 2022, reflecting a decline of 56.5%[10] - The finance costs for the nine months ended September 30, 2023, were HK$2.55 million, compared to HK$1.02 million in the same period of 2022, indicating an increase of 150.0%[10] - Corporate and unallocated expenses for the nine months ended September 30, 2023, amounted to HK$7,903,000, up from HK$12,393,000 in the same period of 2022[39] - Selling and distribution expenses decreased to approximately HK$2.5 million for the nine months ended September 30, 2023, down 42.0$4.3 million in the same period of 2022[103] - The cost of inventories sold for the three months ended 30 September 2023 was HK$13,515,000, up 36.5$9,923,000 in the same period of 2022[49] - The depreciation of fixed assets for the nine months ended 30 September 2023 was HK$860,000, a decrease of 40.0$1,435,000 in the same period of 2022[49] - The Group's employees' benefit expenses (excluding directors' remuneration) for the nine months ended 30 September 2023 were HK$10,924,000, a decrease of 40.0$18,180,000 in the same period of 2022[49] Revenue Segmentation - Revenue from external customers for the three months ended September 30, 2023, was HK$19,413,000, an increase from HK$15,546,000 in the same period of 2022, representing a growth of 24%[39] - For the nine months ended September 30, 2023, revenue from external customers reached HK$61,939,000, compared to HK$51,610,000 in 2022, marking a 20% increase[39] - Revenue from the manufacturing and trading of threads decreased to approximately HK$17.7 million for the nine months ended 30 September 2023, down 53.6$38.2 million in the same period of 2022[85] - Revenue from interior design and decoration increased to approximately HK$13.0 million for the nine months ended September 30, 2023, representing a 19.4$10.9 million in the same period of 2022[88] - Revenue from equine services surged to approximately HK$31.2 million for the nine months ended September 30, 2023, a significant increase of approximately HK$28.7 million compared to HK$2.5 million in the same period of 2022[89] Business Operations and Segments - The company’s subsidiaries are engaged in the manufacture and sale of sewing threads and garment accessories, as well as providing various services including interior design and asset management[16] - The Group has four reportable segments: manufacture and selling of threads, interior design and decoration, equine services, and advisory on securities and corporate finance[32] - The Group's interior design segment provides services related to interior design, fitting out, and decoration[32] - The equine services segment includes trading of bloodstocks and stallion services, indicating a diversified business model[32] - The Group anticipates growth in its interior design and decoration services due to increasing demand in Hong Kong and the Greater Bay Area[65] - The Group's key products include 100% polyester threads and various types of sewing threads, with production facilities located in Guangzhou[67] Corporate Governance and Compliance - The Company has adopted the corporate governance code and is committed to regular reviews to meet shareholder expectations[175] - The Board believes strong corporate governance practices are essential for safeguarding shareholder interests[174] - The Audit Committee is responsible for reviewing financial information and monitoring the Company's financial reporting system[190] - The Company has complied with the applicable disclosure requirements under Chapter 20 of the GEM Listing Rules for connected transactions[188] - The Group has not yet applied new HKFRSs that have been issued but are not yet effective, and is assessing their potential impact on operations and financial position[26] Shareholder Information - As of September 30, 2023, Mr. Wong Kwok Wai, Albert holds a long position of 120,000,000 shares, representing 29.33% of the company's issued share capital[156] - Mr. Leung King Yue, Alex holds a beneficial interest of 10,100,000 shares, accounting for 2.47% of the company's issued share capital[156] - Mr. Ma Pok Man Josiah has a beneficial interest of 8,800,000 shares, which is 2.15% of the company's issued share capital[156] - The company has share options outstanding totaling 15,591,418 shares as of September 30, 2023[158] - The company confirms compliance with GEM Listing Rules regarding related party transactions, with no other transactions reported for the nine months ended September 30, 2023[192] Market and Industry Insights - The breeding and racing industry in Australia has shown resilience against the macroeconomic environment, with record participation levels due to increased prize money in New South Wales and Victoria[77] - The Hong Kong trade market has proven lucrative, with significant growth opportunities identified due to the success of the Harbour Racing brand and the international spotlight on Australian racing[148] - The international participation in Australian racing events, particularly the Melbourne Cup, is at an all-time high, enhancing the global reputation of Australian gallopers[148] - The successful integration of the betting industry with global pools is enhancing interest in Australian racing and breeding[151] - The Australian horse breeding and racing industry has shown resilience despite tightening monetary policies, with significant increases in prize money in New South Wales and Victoria, leading to record participation numbers[152]