Financial Performance - Revenue for 2022 was HK$80.7 million, a decrease of 19.6% from HK$100.4 million in 2021[11] - Profit attributable to owners of the Company was a loss of HK$1.5 million, compared to a loss of HK$56.7 million in 2021[11] - Equity attributable to owners of the Company stood at HK$1,579.7 million, slightly down from HK$1,582.5 million in 2021[11] - Earnings per share for 2022 was a loss of HK$0.03, an improvement from a loss of HK$0.98 in 2021[11] - The Company reported a significant decrease in revenue over the past five years, with 2020 revenue at HK$145.4 million and 2018 at HK$202.1 million[11] - The loss attributable to the owners of the Company improved by 97.4% from HK$56,712,000 last year to HK$1,501,000 this year[13] - The money lending segment recorded a profit of HK$49,005,000 for the year[14] - The cruise ship charter services segment recorded a significant decrease in loss by 49.7% from HK$112,325,000 last year to HK$56,449,000 this year[17] - The property investment segment turned around with a profit of HK$28,284,000 due to fair value gains of investment properties[17] Business Strategy and Operations - The Company focuses on cruise ship charter services, property investment, securities trading, and money lending[9] - The Company aims to enhance its market position through strategic investments and potential acquisitions in the future[11] - The management discussed plans for expanding property investments and improving operational efficiencies[11] - The Group plans to allocate resources to capture growth opportunities as business sentiment improves[18] - The Group will continue to seek potential investment opportunities to diversify its portfolio[18] - The cruise ship "Aegean Paradise" resumed sailing at the end of January 2022 after a suspension of over 20 months[17] - The Group granted temporary rental reductions to tenants in response to the soft commercial leasing market in Hong Kong[17] Economic Environment - The Hong Kong economy is expected to expand in a range of 1% to 2% in 2022, down from a previous prediction of 2% to 3.5%[13] - The S&P Global Hong Kong Purchasing Managers' Index jumped to 54.9 in May 2022, indicating a promising rebound for the city[13] Financial Position and Assets - Total gross loan and interest receivables increased by 11.7% to HK$739,077,000 as of 31 March 2022, compared to HK$661,861,000 in 2021[32] - The Group's mortgage loan and interest receivables amounted to HK$725,087,000, an increase from HK$639,992,000 in 2021[32] - The Group's equity attributable to owners was HK$1,579,704,000, slightly down from HK$1,582,541,000 in 2021[42] - Cash and cash equivalents amounted to HK$401,548,000, compared to HK$454,297,000 in 2021[42] - Outstanding guarantees to banks were HK$130,000,000, down from HK$190,000,000 in 2021, with no credit facility utilized[42] Corporate Governance - The Company is committed to maintaining strong corporate governance and transparency in its financial reporting[11] - The Company has complied with all provisions of the Corporate Governance Code for the year ended 31 March 2022, except for code provision F.2.2 regarding the chairman's attendance at the annual general meeting[60] - All directors confirmed compliance with the Model Code for Securities Transactions during the year[62] - The Board comprises nine members, meeting the requirements of the Listing Rules regarding independent non-executive directors[83] - The Company held 7 board meetings and one annual general meeting during the year[85] - The Board has established three committees: Remuneration Committee, Nomination Committee, and Audit Committee, with clearly defined terms of reference[105] Environmental, Social, and Governance (ESG) Reporting - The ESG Report covers the period from April 1, 2021, to March 31, 2022, and is prepared in accordance with the ESG Reporting Guide under Appendix 27 of the Listing Rules[175] - The Company has conducted materiality assessments of ESG issues, with the Board participating in the evaluation and management of these issues[175] - The Group values stakeholder engagement and recognizes the importance of understanding stakeholder needs and expectations for success[179] - The Group has set environmental targets associated with its businesses and conducts regular reviews of progress towards these targets[175] Employee and Workforce Management - The total workforce of the Group consists of 31 employees, with 42% male (13 employees) and 58% female (18 employees)[128] - The Group's employee benefit expense for the year was HK$19,456,000, a decrease from HK$21,067,000 in the previous year, reflecting the impact of COVID-19[55] - The Group's total staff count as of March 31, 2022, was 31, a slight decrease from 32 in the previous year[55] Risk Management - The Board has reviewed the effectiveness of the Group's risk management and internal control systems and deemed them effective and adequate[161] - The Company has established internal audit functions to safeguard assets and ensure compliance with applicable laws and regulations[161] - The board has continuously monitored the company's risk management and internal control systems, which have been reviewed and deemed effective and sufficient[165]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$35,581,000, a decrease of 15.4% from HK$41,858,000 in the same period of 2020[10]. - Gross profit for the period was HK$31,560,000, down from HK$32,556,000, reflecting a slight decline of 3.1%[10]. - Profit before tax was HK$5,599,000, a significant recovery from a loss of HK$76,419,000 in the previous year[10]. - Profit for the period attributable to owners of the company was HK$3,036,000, compared to a loss of HK$59,072,000 in the same period last year[10]. - Basic earnings per share for the period was HK0.05 cents, a turnaround from a loss of HK1.02 cents per share in 2020[10]. - The total comprehensive loss for the period was HK$4,482,000, compared to a comprehensive income of HK$13,443,000 in the previous year[11]. - The profit for the period was HK$3,036,000, compared to a loss of HK$2,163,000 in the previous period, indicating a significant turnaround[17]. - The Group reported a segment profit before tax of HK$5,599,000 in 2021, a significant improvement compared to a loss of HK$76,419,000 in 2020[36]. - The Group recorded a profit attributable to owners of the Company of HK$3,036,000 for the Period, a turnaround from a loss of HK$59,072,000 last period[121]. Asset and Liability Management - Total non-current assets increased to HK$944,837,000 as of September 30, 2021, up from HK$884,758,000 as of March 31, 2021[12]. - Current liabilities decreased to HK$104,350,000 from HK$142,635,000, indicating improved short-term financial health[12]. - Cash and cash equivalents rose to HK$550,781,000, compared to HK$454,297,000 at the end of March 2021, reflecting better liquidity[12]. - The net assets attributable to owners of the Company were HK$1,922,283,000 as of September 30, 2021, down from HK$1,965,892,000 as of March 31, 2021[14]. - The total equity as of September 30, 2021, was HK$1,948,511,000, compared to HK$1,569,021,000 in the previous year[20]. - As of September 30, 2021, the Group had net current assets of HK$998,750,000, down from HK$1,102,889,000 as of March 31, 2021[130]. - The Group's gearing ratio was 4.6% as of September 30, 2021, down from 7.1% as of March 31, 2021[130]. Revenue Streams - Revenue from mortgage loans and unsecured personal loans decreased to HK$31,624,000 in 2021 from HK$37,008,000 in 2020, representing a decline of approximately 14%[39]. - Gross rental income from investment properties was HK$7,795,000 in 2021, down from HK$8,423,000 in 2020, a decrease of about 7.4%[39]. - The Group's revenue from property investments decreased by 7.5% to HK$7,795,000 for the Period, down from HK$8,423,000 in 2020[124]. - Interest income from the money lending business fell from HK$37,008,000 in the previous period to HK$31,624,000 for the current period[118]. - The cruise ship charter services segment reported a loss of HK$27,462,000 in 2021, improving from a loss of HK$80,040,000 in 2020[36]. Investment Performance - Fair value gains on investment properties were HK$16,454,000, compared to a loss of HK$20,872,000 in the previous year, showing a positive shift[10]. - The Group's investment properties were revalued at an aggregate balance of HK$555,778,000 as of 30 September 2021, resulting in fair value gains of HK$16,454,000 during the six months ended 30 September 2021, compared to fair value losses of HK$20,872,000 in the same period of 2020[49]. - The fair value of equity investments at fair value through profit or loss was HK$89,348,000 as of September 30, 2021[110]. - The fair value of equity investments designated at fair value through other comprehensive income was HK$1,263,000 as of September 30, 2021[110]. Operational Efficiency - The cost of services provided decreased to HK$4,021,000 from HK$9,302,000, reflecting a reduction of 56.7%[10]. - Employee benefit expenses decreased to HK$8,785,000 from HK$10,020,000, reflecting a reduction of approximately 12.3%[45]. - Administrative and operating expenses increased by 10.4% to HK$40,572,000 from HK$36,747,000 last period, mainly due to increased special subsidies to the charterer of cruise ships[119]. - The depreciation expense decreased to HK$7,789,000 from HK$12,994,000, a reduction of approximately 40.0%[45]. Credit and Receivables Management - Trade receivables decreased to HK$31,813,000 from HK$43,413,000, indicating a reduction in outstanding customer payments[12]. - Loan receivables increased significantly to HK$146,426,000 from HK$87,770,000, suggesting a rise in lending activities[12]. - The Group's provision for impairment on loan and interest receivables was HK$1,951,000 as of September 30, 2021, down from HK$2,601,000 as of March 31, 2021, indicating a reduction of approximately 25.0%[67]. - The Group applies a minimal expected credit loss rate for trade receivables, indicating a strong credit control mechanism[62]. Shareholder Information - The total number of issued shares of the Company was 5,780,368,705 as of September 30, 2021[139]. - New Century Investment Pacific Limited held 3,556,133,691 shares, representing 61.52% of the Company's issued share capital[140]. - The total number of share options granted is 132,800,000, with an exercise price of HK$0.1532 per share[150]. - The Company operates a share option scheme to incentivize eligible participants contributing to the Group's success[146]. Governance and Compliance - The company has complied with all code provisions of the Corporate Governance Code throughout the six months ended September 30, 2021[150]. - The interim results for the six months ended September 30, 2021, have been reviewed by the auditor in accordance with Hong Kong standards[155]. - All directors confirmed compliance with the Model Code regarding securities transactions during the six months ended September 30, 2021[154].

Financial Performance - Revenue for the year ended 31 March 2021 was HK$100.4 million, a decrease of 30.9% from HK$145.4 million in 2020[9] - The profit attributable to owners of the Company was a loss of HK$56.7 million, compared to a profit of HK$15.5 million in the previous year[9] - Equity attributable to owners of the Company decreased to HK$1,582.5 million from HK$1,617.2 million in 2020, reflecting a decline of 2.1%[9] - Earnings per share for the year was a loss of HK$0.98, compared to earnings of HK$0.27 per share in 2020[9] - The Group's revenue decreased by 31.0% to HK$100,360,000 compared to HK$145,364,000 last year[27] - The loss attributable to owners was HK$56,712,000, a significant decline from a profit of HK$15,461,000 in the previous year[15] - Other income decreased by 65.7% to HK$4,131,000, primarily due to a drop in bank interest income[27] - The Group recorded a loss attributable to owners of the Company of HK$56,712,000 for the Year, compared to a profit of HK$15,461,000 last year, mainly due to the absence of cruise ship charter service income[35] Economic Outlook - The global economy is expected to grow by 6% in 2021, with Hong Kong's real GDP showing a year-on-year growth of 7.9% in Q1 2021[14] - The ongoing vaccine rollout and government stimulus in Hong Kong are expected to support economic recovery[14] - The near-term outlook for the global economy is closely tied to the development of the COVID-19 pandemic, with a focus on building a diversified portfolio for sustainable growth[21] Business Segments - The Group's focus remains on cruise ship charter services, property investments, securities trading, and money lending[7] - The money lending business recorded a profit increase of 10.9% to HK$61,801,000, providing stable contributions amid uncertainties[15] - The cruise ship charter services segment suffered a loss of HK$112,325,000 due to halted operations since mid-March 2020[20] - The Group's occupancy rate for its properties remained strong at 99.7% despite challenging market conditions[20] - The securities trading segment recorded a gain of HK$9,776,000 for the Year (2020: a loss of HK$8,746,000), primarily due to net realized and unrealized gains on equity investments of HK$8,079,000 (2020: losses of HK$9,735,000)[47] Financial Management - Administrative and operating expenses increased by 49.8% to HK$75,793,000 compared to HK$50,585,000 last year, primarily due to special subsidies of HK$31,153,000 paid to the charterer for cruise ship maintenance[28] - Total gross loan and interest receivables decreased by 4.1% to HK$661,861,000 from HK$690,433,000 in the previous year[36] - Interest income increased by 5.2% to HK$74,303,000 for the Year, compared to HK$70,636,000 last year, driven by an 8.3% increase in interest income from secured mortgage loans[37] - The Group's interest income from money lending increased from HK$70,636,000 last year to HK$74,303,000 for the current year[27] Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code for the year ended March 31, 2021, except for the chairman's absence at the annual general meeting due to travel restrictions[80] - The Board of Directors consists of nine members, including three independent non-executive directors[87] - The independent non-executive directors have a specific term of three years and are subject to retirement by rotation at least once every three years[89] - The Remuneration Committee comprises five members, including two executive directors and three independent non-executive directors[94] - The Company has received annual confirmations of independence from each independent non-executive director[89] Environmental Impact - The Group's air emissions for Nitrogen Oxides (NOX) decreased from 1.84 kg in 2020 to 0.73 kg in 2021, a reduction of approximately 60.3%[136] - Sulphur Oxides (SOX) emissions reduced from 0.05 kg in 2020 to 0.04 kg in 2021, a decrease of 20%[136] - Particulate Matter (PM) emissions decreased from 0.14 kg in 2020 to 0.05 kg in 2021, representing a reduction of about 64.3%[136] - The Group has implemented energy-saving initiatives as part of its resource usage strategy[139] - The Group has not reported any non-compliance with laws and regulations regarding air and greenhouse gas emissions during the reporting period[139] Employee Welfare - The Group offers competitive remuneration and benefits to attract and retain talent, with compensation determined by factors such as educational background and industry salary levels[158] - The Group has a zero-tolerance policy for sexual harassment or abuse in the workplace[161] - Benefits plans include mandatory provident fund (MPF) schemes, medical insurance, group life insurance, and discretionary bonuses[161] - The employee turnover rate for 2021 was 1 male employee, with no turnover among females or employees under 30[155] - The Group is committed to creating a diverse and inclusive workplace, ensuring equal opportunities free from discrimination[161] Social Responsibility - The Group made donations of HK$65,000, including the purchase of 1,000 boxes (50,000 pieces) of adult medical face masks for charitable organizations[198] - Certain companies in the Group have been awarded the "Caring Company" logo for ten consecutive years by the Hong Kong Council of Social Service, recognizing their contributions to society[198] - The Group aims to maximize its social investments to create a more favorable environment for the community[198]

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$41,858,000, a decrease of 47.5% compared to HK$79,857,000 in the same period of 2019[27] - Gross profit for the period was HK$32,556,000, down 54.0% from HK$70,607,000 year-on-year[27] - The company reported a loss before tax of HK$76,419,000, compared to a profit of HK$37,592,000 in the previous year[27] - Profit for the period attributable to owners of the company was a loss of HK$59,072,000, compared to a profit of HK$12,018,000 in the same period last year[27] - Basic and diluted loss per share was HK$1.02 cents, compared to earnings of HK$0.21 cents per share in the previous year[27] - Other income decreased to HK$2,566,000 from HK$9,152,000, reflecting a decline of 71.9%[27] - Administrative and operating expenses increased to HK$36,747,000 from HK$24,576,000, an increase of 49.4%[27] - The company reported a loss of HK$81,392,000 for the six months ended September 30, 2020, compared to a profit of HK$32,680,000 in the same period of 2019[28] - Total comprehensive loss for the period amounted to HK$67,949,000, with owners of the company attributing a loss of HK$48,206,000[28] - The company recorded an exchange difference gain of HK$13,275,000 from foreign operations, compared to a loss of HK$7,270,000 in the previous year[28] - The total comprehensive income for the period was a loss of HK$48,206,000, which includes an exchange difference of HK$10,378,000 from foreign operations[33] - The company reported a deficit on the revaluation of cruise ships amounting to HK$479,000[33] - The Group's profit before tax for the six months ended 30 September 2020 was a loss of HK$59,072,000, compared to a profit of HK$12,018,000 for the same period in 2019[93] Assets and Liabilities - Non-current assets decreased to HK$989,420,000 as of September 30, 2020, down from HK$1,024,658,000 as of March 31, 2020[29] - Current assets totaled HK$1,137,444,000, slightly down from HK$1,143,998,000 in the previous period[29] - Current liabilities increased to HK$156,088,000 from HK$129,171,000, indicating a rise in short-term financial obligations[29] - Net current assets decreased to HK$981,356,000 from HK$1,014,827,000, reflecting a decline in liquidity[31] - Total assets were reported at HK$1,970,776,000, down from HK$2,039,485,000, indicating a reduction in overall asset base[31] - The company's equity attributable to owners decreased to HK$1,569,021,000 from HK$1,617,227,000, showing a decline in shareholder equity[31] - Cash and cash equivalents at the end of the period were HK$412,091,000, down from HK$546,192,000 in 2019, reflecting a decrease of approximately 24.6%[74] - The Group's total indebtedness was HK$217,893,000, with an aggregate carrying amount of pledged assets including land and buildings at HK$311,121,000, trade receivables at HK$1,396,000, and equity investments at HK$64,467,000[182] - The Group's net current assets were HK$981,356,000, and equity attributable to owners of the Company was HK$1,569,021,000 as of September 30, 2020[182] Cash Flow and Investments - Cash generated from operations was a negative HK$17,697,000, a decrease from HK$236,850,000 in the same period of 2019[71] - Net cash flows used in investing activities amounted to HK$12,161,000, compared to HK$246,591,000 in 2019, indicating a reduction in investment outflows[72] - The acquisition of a subsidiary in 2019 resulted in cash outflows of HK$457,640,000, which did not recur in 2020[72] - The Group's loan and interest receivables increased to HK$722,986,000 as of 30 September 2020, up from HK$690,433,000 as of 31 March 2020[115] - The fair value of equity investments at fair value through profit or loss increased to HK$64,467,000 as of September 30, 2020, up from HK$14,119,000 as of March 31, 2020[139] Segment Performance - The Group is organized into four reportable operating segments: money lending, cruise ship charter services, property investments, and securities trading[81] - Revenue from secured mortgage loans and unsecured personal loans increased to HK$37,008,000 in 2020 from HK$35,720,000 in 2019, representing a growth of 3.6%[87] - Cruise ship charter service income was HK$8,423,000 in 2020, down from HK$37,459,000 in 2019, indicating a decline of 77.5%[87] - The cruise ship charter services segment recorded a loss of HK$80,040,000 for the current period, a significant decline from a profit of HK$26,963,000 in the previous period[175] - Rental relief of at least 10% was granted to tenants, leading to a 16.6% decrease in segment revenue from property investments to HK$8,423,000 for the current period[176] Government Support and Subsidies - The company recognized government subsidies of HK$1,461,000 during the period, which were part of the Employment Support Scheme[86] - The Group received a government subsidy of HK$705,000 under the Employment Support Scheme, compared to Nil in 2019[173] Share Capital and Equity - The total number of issued shares of the Company was 5,780,368,705[199] - The Group had 386,640,000 share options outstanding at the end of the reporting period, which represented approximately 6.7% of the total issued shares[130] - The Group's total staff costs for the period amounted to HK$10,020,000, slightly down from HK$10,059,000 in 2019[190] - Directors' total interests in shares and underlying shares amounted to 3,881,125,691, representing 67.14% of the Company's issued share capital[195] Risk Management - The Group is exposed to equity price risk from trading equity investments, which are valued at quoted market prices at the end of the reporting period[185] - Credit risk is mitigated by conducting transactions with high-quality customers and obtaining sufficient collaterals where appropriate[186] - The Group's management considers the credit risk from secured mortgage loans to be significantly mitigated by the properties held as collateral[190]

Financial Performance - Revenue for 2020 was HK$145.4 million, a decrease of 16.0% from HK$173.0 million in 2019[12]. - Profit attributable to owners of the Company was HK$15.5 million in 2020, down from HK$47.5 million in 2019, representing a decline of 67.4%[13]. - Earnings per share decreased to HK$0.27 in 2020 from HK$0.82 in 2019, a drop of 67.1%[14]. - Revenue for the year decreased by 16.0% to HK$145,364,000, while profit attributable to owners dropped 67.4% year-on-year to HK$15,461,000[21]. - The decrease in revenue was mainly due to a drop in charter service income from HK$79,011,000 to HK$64,175,000 and a decrease in interest income from HK$73,598,000 to HK$70,636,000[44]. - The Group recorded net fair value losses of HK$24,634,000 for investment properties in Hong Kong and Singapore, compared to fair value gains of HK$7,554,000 last year[45]. - The property investments segment recorded a loss of HK$9,146,000 for the Year (2019 (Restated): profit of HK$23,891,000)[59]. - The securities trading segment recorded a loss of HK$8,746,000 for the Year, an increase of 158.8% compared to HK$3,379,000 last year[77]. Business Operations - The Group focuses on cruise ship charter services, property investments, securities trading, and money lending[10]. - Charter service income dropped by 18.8% to HK$64,175,000 due to the impact of COVID-19 and operational suspensions[23]. - The occupancy rate for Hong Kong and Singapore investment properties achieved 96.9% during the year[24]. - The company plans to renew charter agreements for cruise ships at lower daily charter fees effective from July 1, 2020[27]. - Temporary rental reductions of at least 10% have been granted to tenants of Hong Kong investment properties since September 2019[24]. - The Group's segment profit slightly decreased by 1.4% to HK$55,714,000 for the Year, compared to HK$56,518,000 in the previous year[53]. Acquisitions and Investments - The acquisition of 60% equity interest in ETC Finance Limited, a licensed money lender in Hong Kong, was completed, generating interest income of HK$70,636,000[21]. - The Group completed the acquisition of 60% equity interest in ETC for a total consideration of HK$497,640,000, which has become an indirect non-wholly owned subsidiary[38]. - The Group's equity investments at fair value through profit or loss amounted to HK$14,119,000 as of 31 March 2020 (2019: HK$27,984,000)[69]. - ETC's total loan portfolio was approximately HK$632,554,000 as of September 30, 2020, comprising secured mortgage loans and unsecured personal loans[97]. Corporate Governance - The company is committed to enhancing its corporate governance and environmental, social, and governance practices[2]. - The Company has complied with all code provisions of the Corporate Governance Code for the year ended March 31, 2020[118]. - The Board of Directors is committed to maintaining high standards of corporate governance practices[117]. - The Company has established three board committees: Remuneration Committee, Nomination Committee, and Audit Committee, with clearly defined written terms of reference[130]. - The Company ensures that no director is involved in deciding his own remuneration[136]. - The Company has developed, reviewed, and monitored the code of conduct and compliance manual applicable to employees and directors[185]. Risk Management - The company anticipates continued adverse factors and uncertainty due to escalating Sino-US tensions and social unrest[26]. - The Company will continue to monitor uncertainties, including COVID-19, and take measures to mitigate impacts on business operations[34]. - The Group's total indebtedness, which includes loans from a non-controlling shareholder, was HK$178,945,000 as of March 31, 2020[79]. - The liquidity risk is considered manageable by the management, utilizing a recurring liquidity planning tool[95]. - The Board has conducted a review of the effectiveness of the Group's risk management and internal control systems, considering them effective and adequate[199]. Employee and Director Matters - The Group's employee benefits include a mandatory provident fund scheme, medical insurance, share option scheme, and discretionary bonuses[96]. - The Company is in the process of identifying a suitable candidate with appropriate experience to be the Chief Executive Officer[131]. - The attendance record of directors at various meetings indicates high engagement, with most executive directors attending over 80% of meetings[176]. - The Company Secretary, Ms. Ng, received no less than 15 hours of relevant professional training during the year[200].

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$79,857,000, a decrease of 5.5% from HK$84,638,000 in the same period of 2018[31] - Gross profit for the period was HK$70,607,000, down from HK$73,786,000, reflecting a decline of 4.0%[31] - Profit before tax decreased to HK$37,592,000, down 29.5% from HK$53,343,000 in the previous year[31] - Profit for the period was HK$32,680,000, slightly down from HK$32,854,000, representing a decrease of 0.5%[31] - Basic and diluted earnings per share were both HK0.21 cents, compared to HK0.23 cents in the prior year, indicating a decline of 8.7%[33] - Other income increased significantly to HK$9,152,000, up 61.8% from HK$5,677,000 in the previous period[31] - Total comprehensive income for the period increased to HK$38,165,000, up 39.5% from HK$27,321,000 in the same period last year[36] Expenses and Costs - Administrative expenses decreased to HK$24,576,000 from HK$29,097,000, a reduction of 15.5%[31] - The company reported a fair value loss on investment properties of HK$16,400,000, compared to a gain of HK$7,558,000 in the previous year[31] - Employee costs amounted to HK$10,059,000 in 2019, slightly down from HK$10,182,000 in 2018, showing a reduction of about 1.2%[132] - Depreciation of property, plant, and equipment was HK$12,934,000 in 2019, compared to HK$14,006,000 in 2018, a decrease of approximately 7.7%[132] Assets and Liabilities - Net current assets decreased to HK$934,692,000 from HK$1,300,811,000, reflecting a decline of 28.1%[39] - Total assets less current liabilities decreased to HK$2,067,825,000 from HK$2,526,974,000, a reduction of 18.2%[39] - Non-current assets totaled HK$1,133,133,000, down from HK$1,226,163,000, indicating a decrease of 7.6%[37] - Cash and cash equivalents significantly decreased to HK$579,616,000 from HK$996,257,000, a decline of 41.9%[37] - Total liabilities were HK$353,902,000, with current liabilities accounting for HK$150,987,000[78] Equity and Shareholder Information - Equity attributable to owners of the Company decreased to HK$1,649,663,000 from HK$2,133,187,000, a drop of 22.7%[39] - As of September 30, 2019, total equity amounted to HK$2,044,642,000, reflecting a decrease from HK$2,685,590,000 as of September 30, 2018[46] - The number of ordinary shares in issue during the period was 5,780,368,705[134] - The company had 386,640,000 share options outstanding, representing approximately 6.7% of the company's shares in issue[187] Cash Flow and Investments - Net cash flows from operating activities increased to HK$246,149,000, up 71.1% from HK$143,870,000 in the previous year[50] - Cash generated from operations was HK$236,850,000, significantly higher than HK$135,456,000 in the previous year[50] - The company incurred a net cash outflow from investing activities of HK$246,591,000, compared to HK$125,246,000 in 2018[51] - The acquisition of a subsidiary resulted in a cash outflow of HK$457,640,000, indicating significant investment activity[51] Segment Performance - The Group operates four reportable segments: cruise ship charter services, property investments, securities trading, and money lending[121] - Segment performance is evaluated based on reportable segment profit, which is adjusted profit before tax excluding interest income and corporate expenses[122] - Revenue from external customers decreased to HK$37,459,000 in 2019 from HK$41,779,000 in 2018, representing a decline of approximately 5.5%[127] - Segment results showed a profit of HK$26,963,000 in 2019, up from HK$23,927,000 in 2018, indicating an increase of about 8.5%[127] Accounting Policies and Standards - The interim financial statements are prepared in accordance with HKAS 34, ensuring compliance with relevant accounting standards[91] - The Group adopted HKFRS 16 for leases, which may impact future financial reporting but did not affect current financials significantly[97] - The Group recognized right-of-use assets and lease liabilities of HK$140,000 as of April 1, 2019, following the adoption of HKFRS 16[106] Related Party Transactions - Related party transactions, including loans from non-controlling shareholders, are classified as continuing connected transactions under Chapter 14A of the Listing Rules[195] - The management fee paid to a related company for administrative services was HK$51,000 for the period, slightly down from HK$52,000 in the previous year[188]

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]