香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） 22 （股份代號： ） 截至二零二三年三月三十一日止年度 年度業績公佈 財務摘要 截至三月三十一日止年度 增加／ 二零二三年 二零二二年 （減少） % 千港元 千港元 126,362 27,515 359% 收益 44,318 8,659 412% 毛利 (33,904) (42,421) –20% 除所得稅開支前虧損 (23,765) (44,406) –46% ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 38,298,000, a significant increase from HKD 15,586,000 in the same period last year, representing a growth of 145.1%[6] - Gross profit for the same period was HKD 18,335,000, compared to HKD 6,630,000 in the previous year, indicating a growth of 176.5%[7] - The company reported a loss before tax of HKD 19,717,000, which is an increase from a loss of HKD 15,600,000 in the prior year, reflecting a deterioration of 26.9%[8] - Total comprehensive loss for the period was HKD 19,784,000, compared to HKD 16,399,000 in the previous year, marking an increase of 20.5%[9] - Basic and diluted loss per share was HKD 1.002, compared to HKD 0.830 in the same period last year, representing a decline of 20.7%[11] - The group reported a loss attributable to owners of the company of HKD 19,710,000 for the six months ended September 30, 2022, compared to a loss of HKD 16,325,000 in the same period of 2021[91] - The net loss after tax for the period was approximately HKD 19,780,000, an increase of 21% from HKD 16,400,000 in the previous year, primarily due to impairment losses on office properties[123] Assets and Liabilities - Non-current assets as of September 30, 2022, totaled HKD 508,202,000, slightly down from HKD 512,378,000 as of March 31, 2022[14] - Current assets increased significantly to HKD 48,064,000 from HKD 23,831,000, showing a growth of 101.0%[15] - Current liabilities rose to HKD 133,193,000 from HKD 98,191,000, indicating an increase of 35.7%[16] - Net assets decreased to HKD 403,356,000 from HKD 423,140,000, reflecting a decline of 4.7%[17] - Trade receivables increased to HKD 14,675,000 as of September 30, 2022, from HKD 4,712,000 as of March 31, 2022, showing a growth of 211.5%[95] - The total borrowings of the group as of September 30, 2022, were approximately HKD 99,200,000, compared to HKD 81,700,000 as of March 31, 2022[127] - The group's cash and bank balances as of September 30, 2022, were approximately HKD 18,900,000, down from HKD 21,400,000 as of March 31, 2022[127] - The net asset value of the group as of September 30, 2022, was HKD 403,400,000, a decrease from HKD 423,100,000 as of March 31, 2022[127] Cash Flow - The net cash used in operating activities was HKD 12,261,000, compared to HKD 5,652,000 in the previous year, representing an increase of 116.6%[28] - Cash and cash equivalents at the end of the period were HKD 18,932,000, a decrease from HKD 21,382,000 at the beginning of the period[34] - The company utilized HKD 5,948,000 in investing activities, compared to HKD 2,860,000 in the previous year, marking an increase of 107.3%[31] - Financing activities generated a net cash inflow of HKD 15,759,000, a significant increase from an outflow of HKD 4,963,000 in the prior year[33] - The net cash outflow from operating activities was primarily due to a significant increase in working capital changes, particularly a decrease in trade and other receivables by HKD 25,186,000[28] Business Segments - The hotel operations segment generated external revenue of HKD 20,889,000, while the building materials trading and renovation segment contributed HKD 17,409,000[56] - Revenue from hotel operations in Hong Kong increased to HKD 20,889,000 for the six months ended September 30, 2022, compared to HKD 15,586,000 in the same period of 2021, representing a growth of 34.8%[76] - The newly reported segment, building materials trading and renovation services, generated revenue of approximately HKD 17,410,000 from April 8, 2022, to September 30, 2022[124] Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[27] - The group is focusing on increasing hotel occupancy rates by targeting long-stay customers and exploring different customer segments[46] - The outlook for the building materials trading and renovation services sector is optimistic due to demand for new residential projects, providing opportunities for business expansion[126] Governance and Compliance - The board believes that the current governance structure, where the chairman also serves as the CEO, does not affect the effective operation of the group[141] - The company confirmed that all directors complied with the standards of the securities trading code during the six months ending September 30, 2022[148] - The audit committee reviewed the unaudited interim financial statements for the six months ending September 30, 2022, and discussed accounting principles and internal controls with management[145] Employee and Shareholder Information - The total number of employees increased to approximately 128 as of September 30, 2022, up from 105 as of March 31, 2022[130] - The major shareholder, Mr. Lun Yau-ki, holds 1,358,055,354 shares, representing approximately 69.06% of the company's equity as of September 30, 2022[132] - The company participates in a mandatory provident fund scheme for all eligible employees[130] - The board has reviewed the compensation policy regularly, referencing market terms for employee remuneration[130] Miscellaneous - The company has no significant foreign exchange risk as its transactions are primarily conducted in HKD[129] - The company did not recommend any interim dividend for the six months ended September 30, 2022, consistent with the previous year[91] - The group received government subsidies amounting to HKD 400,000 during the reporting period, compared to HKD 150,000 in the previous year, reflecting a 166.7% increase[84]

Financial Performance - The group's revenue for the year ended March 31, 2022, was approximately HKD 27,515,000, an increase of 12.4% compared to HKD 24,490,000 in the previous year[9]. - The total comprehensive loss attributable to the company's owners for the year was approximately HKD 44,406,000, compared to HKD 43,263,000 in the previous year[9]. - The company reported a net loss of HKD 44,603,000 for the fiscal year ending March 31, 2022[134]. - Total comprehensive loss for the year was HKD 44,603,000, compared to HKD 43,517,000 in the prior year, indicating a 2.5% increase in losses[153]. - Gross profit decreased to HKD 8,659,000, down 22.0% from HKD 11,089,000 year-on-year[153]. - The company reported a loss before tax of HKD 42,421,000, slightly improved from a loss of HKD 42,558,000 in the previous year[153]. - The net asset value decreased to HKD 423,140,000 from HKD 467,743,000, reflecting a decline of 9.5%[158]. - Cash and cash equivalents at year-end were HKD 21,382,000, down from HKD 26,759,000, a decrease of 20.1%[164]. Assets and Liabilities - The total borrowings as of March 31, 2022, amounted to approximately HKD 81,700,000, an increase from HKD 61,700,000 the previous year[18]. - As of March 31, 2022, the company's debt-to-equity ratio was approximately 19.32%, up from 13.19% a year earlier[20]. - The net debt-to-equity ratio as of March 31, 2022, was about 14.26%, compared to 7.46% the previous year[20]. - As of March 31, 2022, the company had current liabilities netting HKD 74,360,000, raising significant doubts about its ability to continue as a going concern[134]. - The company had bank loans of approximately HKD 81.7 million due within one year as of March 31, 2022[20]. - The company confirmed that the consolidated financial statements for the year ended March 31, 2022, were prepared in accordance with applicable accounting standards and reflect a true and fair view of the group's financial position and performance[72]. Operational Updates - The average hotel occupancy rate for the year was approximately 50.8%[16]. - The group anticipates a recovery in the hotel and tourism industry following the relaxation of travel restrictions due to increased global vaccination rates[11]. - The renovation project for all 800 hotel rooms is expected to be completed by July 2022, after which occupancy rates are projected to gradually improve[16]. - The group received approximately HKD 300,000 in subsidies from the Hong Kong government's anti-epidemic fund, a significant decrease from HKD 5,700,000 received in the previous year[17]. - The management is targeting long-stay customers to improve hotel occupancy rates as a temporary measure to alleviate liquidity pressure[187]. Corporate Governance - The board of directors held 11 meetings during the fiscal year ending March 31, 2022[37]. - The company has established a training program for newly appointed directors to ensure they understand their statutory and regulatory responsibilities as directors of a Hong Kong listed company[39]. - The company has purchased appropriate directors and officers liability insurance for each board member, with annual reviews of coverage and limits[40]. - The audit committee is responsible for reviewing the independence of external auditors and monitoring the integrity of financial statements, including annual and half-year reports[56]. - The audit committee conducted an annual review of the risk management and internal control systems, covering all significant financial, operational, and compliance monitoring functions[85]. Risk Management and Internal Controls - The audit committee is responsible for reviewing the company's financial monitoring, internal control, and risk management systems[60]. - The company has established arrangements for employees to confidentially raise concerns regarding financial reporting and internal controls[60]. - The board ensures that resources, qualifications, training, and budget for accounting, internal control, and financial reporting functions are adequate[85]. - The company must communicate any significant deficiencies in internal controls identified during the audit to the audit committee[148]. - The financial statements have been prepared on a going concern basis, despite significant uncertainties regarding the group's ability to continue operations due to COVID-19 impacts[184]. Investments and Acquisitions - The group completed the acquisition of 51% of a company involved in furniture and building materials supply, as well as design and renovation services[13]. - The company completed the first phase of acquiring 51% of Result Best Limited for a total consideration not exceeding HKD 33,400,000[129]. - There were no significant investments, acquisitions, or disposals of subsidiaries or associates during the year[131]. Compliance and Reporting - The company has complied with relevant regulations regarding the disclosure of inside information, ensuring timely and balanced public announcements[86]. - The company secretary has completed no less than 15 hours of relevant professional training as required by the listing rules[87]. - The company intends to apply new standards that have been issued but are not yet effective, including revisions to accounting standards related to liabilities classification and accounting policy disclosures[169]. Environmental and Social Responsibility - The company is committed to environmental sustainability and will publish its ESG report within a month of the annual report[128].

Financial Performance - The company reported a total comprehensive loss attributable to owners of the company of HKD 16,325,000 for the six months ended September 30, 2021, compared to a loss of HKD 24,038,000 in the same period last year, representing a 32.3% improvement [6]. - Revenue for the six months ended September 30, 2021, was HKD 15,586,000, an increase of 74.5% from HKD 8,947,000 in the previous year [6]. - Gross profit for the period was HKD 6,630,000, significantly up from HKD 743,000, indicating a gross margin improvement [6]. - The company reported an operating loss before tax of HKD 15,600,000 for the six months ended September 30, 2021, compared to a loss of HKD 20,835,000 in the same period of 2020, representing a 25.5% improvement [17]. - The net loss after tax for the period was approximately HKD 16,400,000, a reduction of 32.1% from HKD 24,170,000 in the previous year, attributed to increased revenue [59]. - Loss attributable to owners for the six months ended September 30, 2021, was HKD (16,325,000), an improvement from HKD (24,038,000) in the same period of 2020 [43]. Expenses and Cost Management - The company reported a decrease in administrative and other operating expenses to HKD 11,521,000 from HKD 11,725,000, reflecting a cost control strategy [6]. - Employee costs increased to HKD 10,606,000 from HKD 9,691,000 in the previous year [39]. - The cost of services provided was HKD 8,956,000, compared to HKD 8,204,000 in the previous year [39]. - The company reported a decrease in interest expenses to HKD 409,000 for the six months ended September 30, 2021, down from HKD 735,000 in the previous year, reflecting improved debt management [17]. - Financing costs totaled HKD 696,000, a decrease from HKD 763,000 in the previous year [37]. Cash Flow and Liquidity - The net cash and bank balances decreased to HKD 13,284,000 from HKD 26,759,000, indicating a liquidity challenge [8]. - Net cash used in operating activities was HKD 5,652,000 for the six months ended September 30, 2021, down from HKD 8,094,000 in the previous year, indicating a 30.2% reduction in cash outflow [17]. - Cash and cash equivalents decreased by HKD 13,475,000, ending with HKD 13,284,000 as of September 30, 2021, compared to HKD 15,360,000 at the end of the previous year [19]. - The company has a net current liability of HKD 56,923,000 as of September 30, 2021, compared to HKD 49,277,000 as of March 31, 2021, indicating a worsening liquidity position [23]. - The company has drawn down HKD 50,000,000 and HKD 60,000,000 from revolving loan facilities as of September 30, 2021, to ensure sufficient working capital [25]. Assets and Equity - Total assets less current liabilities stood at HKD 464,847,000 as of September 30, 2021, down from HKD 480,447,000 as of March 31, 2021 [10]. - The company's equity attributable to owners decreased to HKD 454,162,000 from HKD 470,487,000, reflecting the impact of the loss during the period [10]. - The group's net asset value as of September 30, 2021, was HKD 451,300,000, a decrease from HKD 467,700,000 as of March 31, 2021 [62]. - As of September 30, 2021, total borrowings amounted to approximately HKD 56,700,000, down from HKD 61,700,000 as of March 31, 2021 [62]. - The capital-to-debt ratio as of September 30, 2021, was approximately 12.56%, compared to 13.19% as of March 31, 2021 [62]. Market and Operational Outlook - Future outlook remains cautious due to ongoing market uncertainties and operational challenges [6]. - The company continues to explore market expansion opportunities but has not provided specific details or targets [6]. - The company has not disclosed any new product launches or technological advancements during this reporting period [6]. - The group received government subsidies of HKD 150,000 during the six months ended September 30, 2021, down from HKD 400,000 in the same period of 2020 [37]. Corporate Governance and Compliance - The company has maintained compliance with the public float requirements as per the listing rules [75]. - The company has adopted a code of conduct for directors' securities transactions that meets or exceeds the standards set out in the listing rules [75]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's unaudited interim financial statements for the six months ended September 30, 2021 [73]. - The group did not declare an interim dividend for the six months ended September 30, 2021, consistent with the previous year [58]. - There were no significant events occurring after September 30, 2021, up to the date of this report [75].

Financial Performance - The company's revenue for the fiscal year ending March 31, 2021, was approximately HKD 24,490,000, a decrease of 43.8% compared to HKD 43,541,000 in the previous year[9]. - The total comprehensive loss attributable to the company's owners for the year was approximately HKD 43,263,000, down from HKD 70,661,000 in the previous year[9]. - The group reported an annual loss of HKD 43,517,000 for the year ended March 31, 2021[131]. - Revenue for the year was HKD 24,490,000, down from HKD 43,541,000 in the previous year, indicating a decline of 43.9%[151]. - The gross profit decreased to HKD 11,089,000 from HKD 19,454,000, reflecting a decline of 43.1% year-over-year[151]. - The total comprehensive loss for the year ended March 31, 2021, was HKD 70,661,000, compared to a loss of HKD 43,263,000 for the previous year[161]. Visitor Statistics - The total number of visitors to Hong Kong from April 2020 to March 2021 was 96,203, representing a decline of 99.77% compared to 41,170,000 visitors in the same period the previous year[15]. - The average hotel occupancy rate for the year was approximately 49.2%[15]. Financial Position - As of March 31, 2021, the total borrowings of the group amounted to approximately HKD 61,700,000, an increase from HKD 30,500,000 as of March 31, 2020[18]. - The cash and bank balance as of March 31, 2021, was approximately HKD 26,800,000, compared to HKD 7,800,000 the previous year[18]. - The net asset value as of March 31, 2021, was approximately HKD 467,700,000, a decrease from HKD 511,300,000 as of March 31, 2020, primarily due to depreciation and impairment losses on investment properties[18]. - The debt-to-equity ratio as of March 31, 2021, was approximately 13.19%, up from 5.96% the previous year[18]. - The net debt-to-equity ratio as of March 31, 2021, was approximately 7.46%, compared to 4.44% the previous year[18]. - The total equity as of March 31, 2021, was approximately HKD 467,700,000, down from HKD 511,300,000 as of March 31, 2020, mainly due to losses recorded during the year[21]. Cost Management - Direct costs, administrative, and other operating expenses decreased by approximately HKD 9,100,000 compared to the previous year[16]. - The company plans to continue strict cost control and remain proactive towards any business opportunities in the upcoming year[13]. COVID-19 Impact - The ongoing COVID-19 pandemic continues to create a highly challenging business environment with significant uncertainty[11]. - The company is focusing on long-stay guests due to the drastic reduction in inbound travelers[15]. - Management has implemented measures to target long-stay customers to improve hotel occupancy rates amid cash flow pressures caused by COVID-19[193]. - The group’s financial performance has been negatively impacted by reduced traveler numbers due to global travel restrictions[189]. Governance and Board Structure - The board consists of five members, including two executive directors and three independent non-executive directors[33]. - The board held a total of 12 meetings during the fiscal year ending March 31, 2021, with full attendance from all directors[39]. - The company has established an executive committee to handle all financial, business, legal, management, and administrative matters[45]. - The Remuneration Committee held three meetings during the year, with all members attending all meetings[51]. - The Audit Committee also held three meetings, with all members present, and reviewed the audited financial statements for the year ending March 31, 2021[59]. Risk Management - The board is responsible for evaluating the risk nature and extent acceptable for achieving strategic objectives, ensuring effective risk management and internal control systems are in place[76]. - The company has established a risk management and internal control system to ensure effective risk management responsibilities are fulfilled by management[84]. - The company has a framework in place for identifying, assessing, managing, monitoring, and reporting risks, including strategic, credit, operational, market, liquidity, legal, and regulatory risks[78]. - The board believes that the risk management and internal control systems are effective and adequate[76]. Environmental Commitment - The company is committed to environmental sustainability and will publish its Environmental, Social, and Governance report within three months of the annual report[126]. Shareholder Communication - The company has established a shareholder communication policy to ensure effective communication with shareholders through various methods[72].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 8,947,000, a decrease of 72.6% compared to HKD 32,599,000 for the same period in 2019[9] - Gross profit for the same period was HKD 743,000, down 96.3% from HKD 20,219,000 in 2019[10] - The company reported a loss before tax of HKD 20,835,000, slightly higher than the loss of HKD 20,606,000 in the previous year[11] - Total comprehensive loss for the period was HKD 24,171,000, compared to HKD 22,328,000 in the prior year, indicating a 8.2% increase in losses[12] - Basic and diluted loss per share was HKD 1.222, compared to HKD 1.132 for the same period last year[14] - The company reported a net cash outflow from operating activities of HKD 8,094,000 for the six months ended September 30, 2020, compared to HKD 4,978,000 for the same period in 2019, indicating a deterioration in operational cash flow[25] - The company recorded a loss before tax of HKD 20,835,000 for the six months ended September 30, 2020, compared to a loss of HKD 20,606,000 in the previous year, showing a slight increase in losses[25] - The net loss attributable to the company's owners for the period was HKD 24,038,000, compared to a loss of HKD 22,254,000 in the previous year[64] Assets and Liabilities - Non-current assets decreased from HKD 555,058,000 as of March 31, 2020, to HKD 545,130,000 as of September 30, 2020[16] - Current liabilities increased from HKD 42,833,000 to HKD 60,105,000, reflecting a rise of 40.2%[18] - Net assets decreased from HKD 511,260,000 to HKD 487,089,000, a decline of 4.7%[19] - The company has a net current liability of HKD 42,960,000 as of September 30, 2020, compared to HKD 32,056,000 as of March 31, 2020, raising concerns about liquidity[40] - The company's bank loans amounted to HKD 46,558,000 as of September 30, 2020, compared to HKD 21,453,000 as of March 31, 2020[69] - The total borrowings included approximately HKD 39.7 million due within one year and approximately HKD 6.8 million due after one year[92] Cash Flow - Cash and bank balances increased significantly from HKD 7,760,000 to HKD 15,360,000, a growth of 97.5%[17] - Cash and cash equivalents increased by HKD 7,600,000 to HKD 15,360,000 as of September 30, 2020, compared to HKD 19,946,000 at the same time in 2019[32] - The company utilized HKD 30,003,000 in bank loans during the financing activities, while repaying HKD 4,898,000, resulting in a net cash inflow of HKD 16,093,000 from financing activities[31] - The net cash used in investing activities was HKD 399,000, down from HKD 598,000 in the previous year, indicating reduced capital expenditures[29] Operational Highlights - The company has not disclosed any new product developments or market expansion strategies in the report[9] - The group has confirmed government subsidies totaling HKD 3,056,000 during the six months ended September 30, 2020, including HKD 400,000 from the "Anti-epidemic Fund" for the hotel industry[46] - Employee costs decreased to HKD 9,691,000 in the six months ended September 30, 2020, down from HKD 14,683,000 in the same period of 2019, reflecting a reduction of about 34.0%[60] - The group’s total costs of services provided decreased to HKD 8,204,000 for the six months ended September 30, 2020, down from HKD 12,380,000 in the same period of 2019, indicating a reduction of approximately 33.5%[60] - The company has committed to using the full amount of the wage subsidy for employee salaries during the subsidy period, ensuring no layoffs[47] Market Conditions - The average hotel occupancy rate in Hong Kong during the reporting period was 44%, down from 80% in the same period last year[89] - The outlook for the operating environment remains challenging, with limited prospects for a significant rebound in inbound tourism from overseas/China in the remaining months of the fiscal year[89] - The company will closely monitor market conditions and the development of the COVID-19 pandemic, taking appropriate business measures as necessary[90] Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of roles between the chairman and the CEO[104] - The audit committee, composed entirely of independent non-executive directors, reviewed the unaudited interim financial statements for the six months ended September 30, 2020[108] - The company confirmed compliance with the standards of the code of conduct for securities transactions by directors for the six months ended September 30, 2020[111] Shareholder Information - The major shareholder, Winland Wealth (BVI) Limited, held approximately 1,358,055,354 shares, representing 69.06% of the company[96] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2020, consistent with the previous year[65] Miscellaneous - The company did not face any significant foreign exchange risks as transactions were primarily conducted in HKD[93] - There were no significant events occurring after September 30, 2020, up to the date of this report[112] - The company expressed gratitude to customers, suppliers, shareholders, professional advisors, and banks for their continued support during the review period[114]

Financial Performance - The group's revenue for the year ended March 31, 2020, was approximately HKD 43,541,000, a decrease of 39.7% compared to HKD 72,195,000 in the previous year[11]. - The loss attributable to the company's owners for the year was approximately HKD 70,818,000, compared to a profit of HKD 1,105,000 in the previous year[12]. - Total comprehensive loss for the year was HKD 70,818,000, significantly higher than the comprehensive income of HKD 1,105,000 in 2019[152]. - The company reported a loss before tax of HKD 72,012,000 compared to a profit of HKD 4,472,000 in the previous year[152]. - The company reported a net loss of HKD 70,661,000 for the year ended March 31, 2020, compared to a profit of HKD 1,267,000 in the previous year, indicating a significant downturn in performance[161]. - Gross profit for the same period was HKD 19,454,000, down 58.4% from HKD 46,739,000 in 2019[152]. - The company's total assets decreased to HKD 555,058,000 from HKD 619,036,000 in 2019, reflecting a decline of 10.3%[155]. - The net asset value decreased to HKD 511,260,000 from HKD 582,078,000, a decline of 12.2%[159]. - The company reported a basic and diluted loss per share of HKD 3.59 compared to a profit of HKD 0.08 in 2019[152]. - The company incurred an impairment loss of HKD 43,319,000 on investment properties during the year, which was not present in the previous year[164]. Cash Flow and Liquidity - Cash and bank balances as of March 31, 2020, were approximately HKD 7,800,000, down from HKD 30,200,000 in the previous year[20]. - Total cash and cash equivalents at the end of the year were HKD 7,760,000, down from HKD 30,239,000 at the beginning of the year, indicating a cash reduction of approximately 74.36%[166]. - Operating cash flow for the year was negative HKD 21,279,000, a decline from positive cash flow of HKD 24,317,000 in the previous year, reflecting operational challenges[164]. - The company issued new shares raising HKD 160,388,000 during the year, contributing to its capital reserves[161]. Debt and Equity - Total borrowings as of March 31, 2020, were approximately HKD 30,500,000, a decrease from HKD 30,900,000 as of March 31, 2019[20]. - As of March 31, 2020, the company's debt-to-equity ratio was approximately 5.96%, up from 5.31% in 2019[22]. - Total equity as of March 31, 2020, was approximately HKD 511.3 million, down from HKD 582.1 million in 2019[24]. - The company’s total equity attributable to owners was approximately HKD 513.8 million as of March 31, 2020, down from HKD 584.4 million in 2019[24]. - The company had bank loans of approximately HKD 9.8 million due within one year and HKD 11.7 million due after one year as of March 31, 2020[22]. Operational Performance - The average occupancy rate for the hotel business was approximately 82% during the review year[18]. - The hotel business performance was negatively affected by a decrease in travelers from mainland China and global economic recession, leading to downward pressure on occupancy rates and room charges[139]. - The company has initiated promotional activities to maintain sales and market share in response to declining room prices since the third quarter of 2019[18]. - The company aims to expand its market network and actively seek more business opportunities to navigate the competitive environment[15]. Governance and Compliance - The company’s board consists of five directors, including two executive directors and three independent non-executive directors[35]. - The board held 11 meetings during the fiscal year ending March 31, 2020, with all directors receiving at least 14 days' notice for regular meetings[39]. - The audit committee, established in 1999, consists of three independent non-executive directors with extensive business experience[53]. - The company ensures that no director participates in determining their own remuneration[51]. - The company has complied with the relevant regulations regarding the disclosure of inside information as per the Securities and Futures Ordinance[85]. Risk Management - The board is committed to ensuring effective risk management as a key component for achieving business objectives and sustainable development[77]. - The board has established a risk management framework to identify, assess, manage, monitor, and report risks, including strategic, credit, operational, market, liquidity, legal, and regulatory risks[78]. - The audit committee conducts an annual review of the effectiveness of the risk management and internal control systems, covering all significant financial, operational, and compliance monitoring functions[77]. - The company has engaged independent professionals to evaluate its overall risk management and internal control systems, with no significant deficiencies reported[80]. Accounting Standards and Reporting - The company adopted the Hong Kong Financial Reporting Standard 16, which did not have a significant impact on the financial statements[188]. - The group confirmed that there were no lease liabilities recognized as of the initial application date due to full payment made in cash and bank loans for the recognized right-of-use assets[177]. - The group will not restate prior year comparative figures as part of the transition to the new standards[192]. - The group has not identified any financial impact from the changes in accounting standards related to leasing arrangements[188]. Future Outlook - The hotel industry in Hong Kong is expected to face multiple challenges in the coming year, including ongoing COVID-19 impacts and economic uncertainty[13]. - The company plans to explore different market segments and customer groups once travel restrictions are lifted and the COVID-19 situation stabilizes[13]. - The company plans to continue its investment strategy despite the current financial challenges, focusing on long-term growth and market expansion[169].

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 32,599,000, a decrease of 4.7% compared to HKD 34,206,000 in the same period of 2018[7] - Gross profit for the same period was HKD 20,219,000, resulting in a gross margin of 61.9%[7] - The company reported a loss of HKD 22,328,000 for the period, compared to a profit of HKD 1,816,000 in the previous year[7] - Basic and diluted loss per share was HKD 1.132, compared to earnings of HKD 0.135 per share in the prior year[7] - For the six months ended September 30, 2019, the company reported a loss before tax of HKD 20,606,000 compared to a profit of HKD 3,290,000 in the same period of 2018[15] - The company reported a loss attributable to owners of HKD 22,254,000 for the six months ended September 30, 2019, compared to a profit of HKD 1,891,000 in the same period of 2018[41] - The net loss after tax for the period was HKD 22,300,000, a significant decline from a profit of HKD 1,800,000 for the same period in 2018, indicating a negative impact due to social unrest in Hong Kong[64] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 591,729,000, down from HKD 619,036,000 as of March 31, 2019[8] - Current liabilities amounted to HKD 44,208,000, a decrease from HKD 59,016,000 in the previous period[9] - Net asset value decreased to HKD 559,750,000 from HKD 582,078,000[9] - The company’s equity attributable to owners was HKD 562,157,000, down from HKD 584,411,000[9] - The group's total borrowings as of September 30, 2019, amounted to approximately HKD 26,203,000, down from HKD 30,920,000 as of March 31, 2019, reflecting a decrease of about 15.5%[52] - Approximately HKD 9,600,000 of the total borrowings is due within one year, while HKD 16,600,000 is due after one year[68] Cash Flow and Financing - Operating cash flow for the period was a net outflow of HKD 4,978,000, a decrease from a net inflow of HKD 19,550,000 in the same period last year[15] - Cash and cash equivalents at the end of the period stood at HKD 19,946,000, down from HKD 37,830,000 at the end of the previous year[16] - The company utilized HKD 598,000 in investing activities, a significant decrease from HKD 168,631,000 in the prior year[16] - Financing activities resulted in a cash outflow of HKD 4,717,000 for loan repayments, compared to HKD 4,672,000 in the previous year[16] - The company has a net asset value of approximately HKD 559,750,000 and believes it can secure additional financing if necessary[24] - A revolving loan agreement was established with the controlling shareholder for HKD 33,000,000, which remains undrawn as of September 30, 2019[24] Operational Highlights - The company plans to focus on improving operational efficiency and exploring new market opportunities[7] - There were no significant new product launches or acquisitions reported during this period[7] - Hotel room rental income for the six months ended September 30, 2019, was HKD 22,527,000, a decrease of 8.9% from HKD 24,742,000 in the same period of 2018[33] - Total revenue from hotel operations, including room sales, food and beverage, and miscellaneous sales, was HKD 32,599,000 for the six months ended September 30, 2019, compared to HKD 34,206,000 in 2018, reflecting a decline of 4.7%[30] - The cost of services provided increased to HKD 12,380,000 in 2019 from HKD 10,800,000 in 2018, representing a rise of 14.7%[37] - The group initiated hotel room price promotions to maintain sales and market share, which negatively impacted profit margins due to rising operational costs[64] - The management is closely monitoring the situation to mitigate future business threats and is hopeful for a quick recovery in the tourism and hotel industry in Hong Kong[65] Corporate Governance - The company has complied with the corporate governance code, with deviations noted regarding the roles of the chairman and managing director[82] - The audit committee, composed entirely of independent non-executive directors, reviewed the unaudited interim consolidated financial statements for the six months ending September 30, 2019[86] - The company maintains the required public float as per listing rules as of the report date[91] - There have been no significant events occurring after September 30, 2019, up to the report date[90] Employee and Dividend Information - The total number of employees as of September 30, 2019, was approximately 107, a decrease from 111 as of March 31, 2019[70] - The company did not recommend an interim dividend for the six months ended September 30, 2019, consistent with the previous year[42] - The group did not declare an interim dividend for the six months ended September 30, 2019, compared to no dividend declared for the same period in 2018[62]

Financial Performance - The total revenue for the year ended March 31, 2019, was approximately HKD 72,000,000, an increase of 16% compared to HKD 62,000,000 in the previous year[11]. - The group recorded a profit attributable to owners of approximately HKD 1,270,000 for the year, compared to a loss of approximately HKD 110,000 in the previous year[12]. - The hotel room sales revenue for the year was HKD 68,134,000, up from HKD 58,246,000 in the previous year[18]. - Revenue for the year ended March 31, 2019, was HKD 72,195,000, an increase of 16.4% from HKD 62,164,000 in 2018[146]. - Gross profit for the same period was HKD 46,739,000, representing a gross margin of 64.7%, up from HKD 36,883,000 in 2018[146]. - The net profit for the year was HKD 1,105,000, compared to a loss of HKD 264,000 in the previous year, indicating a turnaround[146]. - The company reported a loss of HKD 107,000 for the year ended March 31, 2018, which was improved to a profit of HKD 1,267,000 for the year ended March 31, 2019[156]. Financial Position - The total borrowings as of March 31, 2019, were approximately HKD 31,000,000, down from HKD 40,000,000 in the previous year due to partial repayment of bank loans[20]. - The cash and bank balances as of March 31, 2019, were approximately HKD 30,000,000, an increase from HKD 23,000,000 in the previous year[20]. - The net asset value as of March 31, 2019, was approximately HKD 582,000,000, an increase from approximately HKD 421,000,000 in the previous year, primarily due to the acquisition of office properties[20]. - The total equity attributable to owners as of March 31, 2019, was approximately HKD 584,000,000, compared to approximately HKD 423,000,000 in the previous year, reflecting an increase due to the completion of a public offering[25]. - Total assets as of March 31, 2019, amounted to HKD 594,849,000, an increase from HKD 432,034,000 in 2018[152]. - Non-current assets increased to HKD 619,036,000 from HKD 469,926,000, reflecting a growth of 32%[150]. - The company's equity increased to HKD 582,078,000 in 2019 from HKD 420,585,000 in 2018, showing a growth of 38.4%[154]. - The total liabilities decreased to HKD 59,016,000 from HKD 67,075,000, reflecting a reduction of 12.3%[152]. Governance and Management - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[40]. - The company has adopted a set of terms for directors' securities trading that meets or exceeds the standards set forth in the listing rules[38]. - The company believes that the current governance arrangements benefit the overall interests of the company and its shareholders[35]. - The board held a total of 11 meetings during the fiscal year ending March 31, 2019, with all directors attending at least 10 meetings[42]. - The executive committee, consisting of two executive directors, held 3 meetings, with full attendance from both members[51]. - The remuneration committee conducted 2 meetings, with all members present, discussing individual director remuneration based on their responsibilities and the company's performance[56]. - The company has implemented appropriate directors' and officers' liability insurance to protect board members against claims arising from corporate actions[46]. - Continuous professional development was provided to directors, with all participating in training related to their statutory and regulatory responsibilities[45]. - The independent non-executive directors' term lasted from April 19, 2018, to April 18, 2020, ensuring compliance with company bylaws[48]. - The audit committee, established in 1999, consists of three independent non-executive directors, ensuring a diverse skill set in operations, accounting, and financial management[58]. - The company emphasizes the importance of transparency in its remuneration policies to attract and retain qualified directors and senior management[54]. - The company has received annual confirmations regarding the independence of its independent non-executive directors[101]. Audit and Compliance - The Audit Committee held two meetings during the year, with the external auditor attending one of them[64]. - The Audit Committee reviewed the audited financial statements for the year ending March 31, 2019, and the interim financial statements for the six months ending September 30, 2018[64]. - The Audit Committee monitored the integrity of the company's financial statements and reviewed significant judgments related to financial reporting[62]. - The Audit Committee ensured compliance with accounting standards and listing rules, as well as other legal requirements related to financial reporting[62]. - The Audit Committee reviewed the company's financial and accounting policies and practices[65]. - The Audit Committee discussed the internal control systems with management to ensure effective implementation[62]. - The Audit Committee recommended the reappointment of the external auditor[64]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2019[128]. Shareholder Information - The company raised approximately HKD 163,866,000 from the public offering, resulting in an increase in issued share capital of about HKD 13,110,000 and a share premium increase of approximately HKD 147,278,000 after deducting related issuance costs of about HKD 3,478,000[26]. - As of March 31, 2019, the chairman holds 1,358,055,354 shares, representing approximately 69.06% of the company's equity[111]. - The company did not recommend the payment of a final dividend for the fiscal year ending March 31, 2019, consistent with the previous year[88]. - The company maintained the required public float as per listing rules as of the report date[122]. Environmental and Social Responsibility - The company is committed to environmental sustainability and will disclose its environmental, social, and governance policies within three months of the annual report publication[124]. Changes in Accounting Policies - The adoption of HKFRS 9 has led to changes in the classification and measurement of financial instruments, with trade receivables now measured at amortized cost[177]. - The group has shifted from an incurred loss model to an expected credit loss model for impairment, impacting trade receivables and other financial assets[185]. - The expected credit loss model requires the recognition of losses earlier than the previous standard, with provisions based on either 12-month or lifetime expected credit losses[185]. - The group applies the simplified approach under HKFRS 9 to measure expected credit losses for trade receivables, confirming lifetime expected credit losses[192]. - The transition to HKFRS 9 did not result in changes to the loan provisions for trade receivables as of April 1, 2018[192].