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新世纪集团(00234) - 2024 - 年度财报
00234NEW CENTURY GP(00234)2024-07-10 14:15

Financial Performance - The Group's revenue increased by 10.3% to HK88,291,000fortheyearended31March2024,comparedtoHK88,291,000 for the year ended 31 March 2024, compared to HK80,068,000 in 2023[15] - Profit for the year from continuing operations was HK25,700,000,anincreasefromHK25,700,000, an increase from HK16,900,000 in 2023[22] - Profit attributable to owners of the Company was HK22,400,000,recoveringfromalossofHK22,400,000, recovering from a loss of HK36,900,000 in the previous year[22] - Earnings per share improved to HK0.39,comparedtoalossofHK0.39, compared to a loss of HK0.64 in 2023[22] - The Group recorded fair value gains of HK74,000onlistedequityinvestments,aturnaroundfromfairvaluelossesofHK74,000 on listed equity investments, a turnaround from fair value losses of HK13,578,000 in the previous year[15] - The Group recorded a profit attributable to owners of HK22,413,000fortheyear,markingaturnaroundfrompreviouslosses[28]IncomeSources−InterestincomefromthemoneylendingbusinesswasHK22,413,000 for the year, marking a turnaround from previous losses[28] Income Sources - Interest income from the money lending business was HK72,744,000, up from HK72,491,000inthepreviousyear[15]−OtherincomerosesignificantlytoHK72,491,000 in the previous year[15] - Other income rose significantly to HK15,434,000, compared to HK7,386,000in2023,primarilyduetoanincreaseinbankinterestincome[15]−TheincreaseinrevenuebyHK7,386,000 in 2023, primarily due to an increase in bank interest income[15] - The increase in revenue by HK8,223,000 was primarily due to the turnaround in fair value losses on listed equity investments[15] Property and Investment Performance - Average occupancy rate reached a stable level of 96.9% across the Hong Kong and Singapore markets, despite challenging economic conditions[27] - Fair value gains from Singapore properties amounted to HK23,280,000,highlightingtheadvantagesoftheGroup′sdiversifiedpropertyportfolio[27]−ThepropertyinvestmentsegmentturnedaroundfromalossofHK23,280,000, highlighting the advantages of the Group's diversified property portfolio[27] - The property investment segment turned around from a loss of HK389,000 last year to a profit of HK21,644,000fortheYear[76]−TheGroup′sinvestmentpropertiesachievedanaverageoccupancyrateof96.921,644,000 for the Year[76] - The Group's investment properties achieved an average occupancy rate of 96.9% (2023: 99.5%) with an average annual rental yield of 2.8% (2023: 2.8%) for the Year[76] Impairment and Risk Management - The Group recognized a net provision for impairment losses of HK12,405,000 on loan and interest receivables, a significant increase from HK2,794,000inthepreviousyear[39]−ImpairmentlossesonmortgageloanswererecordedatHK2,794,000 in the previous year[39] - Impairment losses on mortgage loans were recorded at HK12,623,000 due to a decrease in collateral market value and an increase in default cases[39] - The number of residential mortgage loans in negative equity quadrupled from 6,379 to 32,073 in the first quarter of 2024, the highest since Q1 2004[49] - The Group will monitor property market trends and collateral valuations to mitigate risks associated with declining property prices[105] Lending Business - The Group plans to cautiously expand its lending business in response to anticipated economic recovery while maintaining rigorous risk management practices[29] - The Group granted 40 mortgage loans totaling HK255,960,000in2024,downfrom53loanstotalingHK255,960,000 in 2024, down from 53 loans totaling HK334,560,000 in 2023[59] - The number of mortgage loan customers decreased slightly from 115 in 2023 to 114 in 2024, with total receivables of HK715,029,000[60]−TheGroupfocusesonlendingandleasingtransactionswithqualityclients,ensuringadequatecollateraltomitigatefinanciallossrisksfromdefaults[137]EconomicConditionsandOutlook−TheoutlookforinterestratesaddsuncertaintytothepropertymarketrecoveryandmortgageaffordabilityinHongKong[28]−TheGroup′sresilienceduringtheeconomicdownturnisexpectedtolayasolidfoundationforfuturegrowthinthelendingandpropertysectors[29]−TheGroup′sperformanceiscloselylinkedtotheeconomicconditionsandpropertymarketdynamicsinHongKong,withpotentialeconomicdownturnsposingriskstomortgageloangrowth[133]GovernanceandManagement−TheBoardhasestablishedthreecommitteestooverseespecificaspectsoftheGroup′saffairs,ensuringeffectivegovernanceandresourceallocation[85]−TheGroup′smanagementhasidentifiednosignificantareasofconcernaffectingtheoperationofthemoneylendingbusinessthroughregularinternalcontrolreviews[135]−ThemanagementwillcontinuetocloselyreviewtheGroup′sfinancialresourcesinacautiousmanner[128]DiscontinuedOperations−TheGroupdecidedtodiscontinueitscruiseshipcharterservicebusinessinMarch2023,classifyingitasadiscontinuedoperation[159]−OnApril28,2023,theGroupsoldKingstonMaritimeLimited(KML)forS715,029,000[60] - The Group focuses on lending and leasing transactions with quality clients, ensuring adequate collateral to mitigate financial loss risks from defaults[137] Economic Conditions and Outlook - The outlook for interest rates adds uncertainty to the property market recovery and mortgage affordability in Hong Kong[28] - The Group's resilience during the economic downturn is expected to lay a solid foundation for future growth in the lending and property sectors[29] - The Group's performance is closely linked to the economic conditions and property market dynamics in Hong Kong, with potential economic downturns posing risks to mortgage loan growth[133] Governance and Management - The Board has established three committees to oversee specific aspects of the Group's affairs, ensuring effective governance and resource allocation[85] - The Group's management has identified no significant areas of concern affecting the operation of the money lending business through regular internal control reviews[135] - The management will continue to closely review the Group's financial resources in a cautious manner[128] Discontinued Operations - The Group decided to discontinue its cruise ship charter service business in March 2023, classifying it as a discontinued operation[159] - On April 28, 2023, the Group sold Kingston Maritime Limited (KML) for S7,650,000 (approximately HK44,982,000),whichincludedtheentireissuedsharecapitalandashareholder′sloan[159]−TheGrouprecordedagainofapproximatelyHK44,982,000), which included the entire issued share capital and a shareholder's loan[159] - The Group recorded a gain of approximately HK9,834,000 from the disposal of the subsidiary[159] - After the disposal, the loss from the discontinued operation of cruise ship charter services significantly decreased to HK531,000fortheyear,comparedtoHK531,000 for the year, compared to HK60,743,000 in 2023[159]