Financial Performance - The Group's revenue decreased year-on-year by 50.6% to HK$99,754,000[21] - Profit attributable to owners of the Company dropped year-on-year by 87.3% to HK$18,889,000[21] - Earnings per share came to HK0.33 cents for the Year[21] - The Group recorded revenue of HK$99,754,000 for the Year, a decrease of 50.6% compared to HK$202,055,000 last year[35] - Profit attributable to owners of the Company was HK$18,889,000, down 87.3% from HK$148,611,000 in the previous year[35] - Earnings per share decreased to HK0.33 cents from HK2.57 cents in 2018[35] - Income from charter services fell from HK$106,390,000 last year to HK$79,011,000 this year[35] - Other income and gains increased by 270.0% to HK$12,399,000, compared to HK$3,351,000 last year[35] - Administrative expenses increased by 43.7% to HK$37,218,000 compared to HK$25,904,000 last year[38] - The profit attributable to owners of the Company decreased by 87.3% to HK$18,889,000 from HK$148,611,000 last year[42] - Income tax expense climbed 660.1% to HK$16,016,000 from HK$2,107,000 last year[42] - Fair value gains on investment properties amounted to HK$7,554,000, representing a decrease of 78.8% compared to HK$35,634,000 last year[38] - The decrease in profit was primarily due to a decrease in revenue and an increase in administrative expenses[42] Business Strategy and Market Conditions - The Group is reviewing its business model and strategy to secure revenue amid market volatility[21] - The local property market has not yet experienced significant impact, but the Group faces an extremely difficult period[21] - The Chairman highlighted ongoing uncertainties in the global economy affecting investor confidence[21] - The Group aims to capture opportunities from the volatile market while protecting its revenue[21] - The financial results reflect the adverse effects of trade protectionism and social stability concerns in Hong Kong[21] - The Group's cautious approach is intended to maximize returns during challenging times[25] - The Group plans to proactively seek expansion opportunities to create substantial returns for shareholders amid a slowing global economy[28] - The Group will adopt a prudent approach to manage its business structures and budget control to maximize synergies among different segments[28] - The Group will closely monitor capital markets and adjust its securities portfolio to enhance returns[26] Segment Performance - Revenue from cruise ship charter services decreased to HK$79,011,000, down 25.7% from HK$106,390,000 in 2018[47] - Segment profit for cruise ship charter services fell by 39.0% to HK$51,293,000 compared to HK$84,129,000 in 2018[47] - Property investment income decreased to HK$20,256,000 from HK$21,635,000 in 2018, reflecting a decline of 6.4%[51] - Profit from property investments segment decreased by 53.7% to HK$24,237,000 from HK$52,366,000 in 2018[51] - Revenue from securities trading dropped significantly to HK$487,000 from HK$74,030,000 in 2018[51] - The Group recorded a segment loss of HK$3,379,000 in securities trading, compared to a profit of HK$77,157,000 in 2018[51] - Net fair value gains of investment properties amounted to HK$7,554,000, down from HK$35,634,000 in 2018[51] - Hong Kong investment properties recorded fair value gains of HK$6,400,000, a decrease from HK$33,900,000 in 2018[51] - Singapore investment properties achieved an occupancy rate of 100%, maintaining the same level as in 2018[51] Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules during the year ended March 31, 2019[135] - The Board of Directors consists of nine members, including three executive directors and six independent non-executive directors[136] - All independent non-executive directors have confirmed their independence in accordance with the Listing Rules[139] - The Remuneration Committee comprises five members, including two executive directors and three independent non-executive directors, with Mr. Cheung Chun Kwok as the chairman[142] - The Company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clearly defined terms of reference[142] - The Company is in the process of identifying a suitable candidate to be the Chief Executive Officer[139] - The independent non-executive directors have entered into letters of appointment for a specific term of three years, subject to retirement by rotation[142] - The Company has arranged appropriate insurance cover for potential legal actions against its directors[139] - The Remuneration Committee reviewed the remuneration package of directors and recommended year-end bonuses for executive directors[148] - The Nomination Committee assessed the independence of independent non-executive directors and recommended reappointments for retiring directors[153] - The company adopted a board diversity policy in September 2013 to enhance performance quality through diverse perspectives[154] - The Nomination Committee's selection criteria for directors include character, qualifications, commitment, independence, and diversity[158] - The company aims to ensure the Board has a balance of skills, experience, and diversity appropriate to its business requirements[158] - The Remuneration Committee ensures that no director is involved in deciding their own remuneration[148] - The company has established a formal and transparent procedure for developing remuneration policy[148] - The Nomination Committee reviewed the Board's composition and found it appropriately structured, requiring no changes[169] - The Audit Committee consists of three independent non-executive directors, ensuring compliance with Listing Rules regarding professional qualifications[169] - The Audit Committee's major roles include recommending the appointment and remuneration of external auditors and monitoring their independence[169] - The Company will disclose its nomination policy in its corporate governance report as per Listing Rules[166] - The Nomination Committee will review the board diversity policy to ensure its effectiveness[169] - The Company will send a circular to shareholders regarding nominations for election at the general meeting[169] - The Nomination Committee has the discretion to nominate candidates it considers appropriate[169] - The Board has the final decision on all matters related to candidate recommendations for elections[169] - The Company is committed to ensuring the effectiveness of its Nomination Policy through regular reviews[169] Risk Management and Compliance - The Board has overall responsibility for evaluating and determining the nature and extent of risks it is willing to take in achieving the Group's strategic objectives[191] - The internal audit function has been established to safeguard assets against unauthorized use and ensure compliance with applicable laws and regulations[191] - The Company has reviewed its compliance with the Corporate Governance Code during the year[188] - The Audit Committee reviewed the Group's financial and accounting policies and practices[191] - The Company has implemented procedures to maintain proper accounting records for reliable financial information[191] - The Board monitored the training and continuous professional development of directors and senior management[184] - The Audit Committee reviewed the risk management and internal control systems of the Company[172] - The Board has conducted a review of the Group's risk management and internal control systems, finding them effective and adequate[193] - The review covered all material controls, including financial, operational, and compliance controls[194] - The adequacy of resources, staff qualifications, experience, training programs, and budget for accounting, internal audit, and financial reporting functions was also deemed sufficient[194]