Financial Performance - Total revenue decreased by approximately HKD 31.7 million or 9.0% from about HKD 351.1 million for the year ended March 31, 2019, to about HKD 319.4 million for the year ended March 31, 2020[15]. - Revenue from air cargo terminal operations decreased by approximately HKD 17.8 million or 9.4% to about HKD 170.9 million, primarily due to a reduction in cargo volume from the Top Global Express Carrier[15]. - Revenue from transportation services decreased by approximately HKD 22.9 million or 17.0% to about HKD 112.2 million, mainly due to the decision not to renew a service agreement with a German express company[16]. - Other income increased by approximately HKD 1.4 million or 33.3% to about HKD 5.6 million, mainly due to increased government subsidies related to the replacement of Euro III diesel commercial vehicles[17]. - The group recorded a loss of approximately HKD 2.4 million for the year ended March 31, 2020, compared to a loss of about HKD 0.1 million for the previous year[28]. - The group's net profit margin for the year ended March 31, 2020, was approximately -0.7%, compared to 0.0% in 2019[132]. - The return on equity for the same period was approximately -5.7%, down from -0.3% in 2019[132]. - The net cash generated from operating activities was approximately HKD 10.5 million, an increase from HKD 7.1 million in 2019[132]. - Cash and cash equivalents stood at approximately HKD 15.4 million, down from HKD 18.5 million in 2019[132]. Operational Developments - The company began operating an air cargo warehouse in Kwai Chung in October 2019, aiming to meet all regulatory requirements for controlled air cargo inspections[8]. - The company anticipates strong demand for X-ray inspection services from its existing customer network in 2020, enhancing its warehousing and value-added services[8]. - The company emphasizes the growing demand for e-commerce logistics services, particularly in Hong Kong and China, and plans to expand its logistics services accordingly[13]. - The company has incurred additional costs for establishing the air cargo warehouse and upgrading its transportation fleet, which are expected to lead to rapid growth in storage capacity and service quality in the coming years[13]. - The company is closely monitoring the impact of COVID-19 on its financial performance and operational status[9]. - The impact of COVID-19 on the group's operations and financial condition is being monitored, with no significant long-term effects anticipated[45]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[75]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[74]. - The board has established an audit committee, a nomination committee, and a remuneration committee to oversee governance practices[75]. - The company has received annual confirmations of independence from its independent non-executive directors, affirming their status[75]. - The management provides monthly updates to the board regarding the group's performance and outlook, facilitating informed decision-making[83]. - The company has complied with all provisions of the corporate governance code during the reporting period[75]. Shareholder Relations - The company encourages shareholders to attend meetings and vote, with all resolutions presented at shareholder meetings to be voted on by share count[111]. - The company has established multiple channels for communication with shareholders and investors, including publishing reports and announcements on its website[117]. - The company does not intend to declare a final dividend for the year ended March 31, 2020[42]. - The company has adopted a dividend policy to guide the board in determining whether to declare and pay dividends, with no predetermined dividend payout ratio[102]. Strategic Initiatives - The company aims to establish business relationships with large and well-known clients to expand its core logistics services[9]. - The company is committed to diversifying its business and expanding its customer base in response to competitive pressures and economic uncertainties[8]. - The company is actively involved in the property development and sugar trading sectors, indicating diversification in its business operations[60]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified that could add $H million in annual revenue[62]. - Market expansion plans include entering two new regions, which are expected to generate an additional $G million in revenue over the next two years[62]. Management and Team - The company has a strong management team with over 15 years of experience in investment and financial management, enhancing its strategic planning capabilities[58]. - The independent non-executive director has extensive experience in accounting and financial management, previously serving as a financial manager at a pharmaceutical group[58]. - The management team includes members with advanced degrees in business administration and accounting, contributing to the company's governance and oversight[56][59]. - All directors participated in continuous professional development during the reporting period, ensuring they remain informed and relevant in their contributions to the board[88]. Financial Position - As of March 31, 2020, the group's bank borrowings amounted to approximately HKD 30.0 million, with a debt-to-equity ratio of about 135.4%, up from 65.0% the previous year[30]. - As of March 31, 2020, the group's current ratio was approximately 1.0, stable compared to 1.1 as of March 31, 2019[33]. - Total bank balances and cash amounted to approximately HKD 15.4 million as of March 31, 2020, down from HKD 18.5 million as of March 31, 2019[33]. - The company reported a trade receivables balance of HKD 49,328,000 as of March 31, 2020, with an expected credit loss provision of HKD 913,000[193]. Environmental Commitment - The company has implemented green office practices to reduce energy consumption, including the use of energy-saving lighting and eco-friendly products[181]. - The company is committed to environmental protection to ensure business development and sustainability[181]. - The company believes that the COVID-19 pandemic will not have a significant impact on its sustainability, although it will continue to monitor the situation closely[184].