Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 116,069,000, a decrease of 51.6% compared to HKD 239,886,000 in the previous year[2] - Gross profit for the same period was HKD 43,138,000, down 67.7% from HKD 133,829,000 year-on-year[2] - The company achieved a net profit of HKD 37,697,000, a significant recovery from a net loss of HKD 59,038,000 in the previous year[2] - The company reported a basic earnings per share of HKD 5.11, compared to a loss per share of HKD 7.62 in the previous year[3] - The group reported a profit before tax of HKD 38,484,000 for the year ending March 31, 2024, compared to a loss of HKD 32,417,000 in 2023[42] - The group reported a profit of approximately HKD 37,697,000 for the year, a turnaround from a loss of approximately HKD 59,038,000 last year, representing an increase of about HKD 96,735,000[87] Revenue Breakdown - For the fiscal year ending March 31, 2024, total revenue from external customers was HKD 116,069,000, with contributions from coal mining (HKD 98,060,000), renewable energy (HKD 3,487,000), and IT services (HKD 14,522,000) [23] - The gross profit for the same period was HKD 43,138,000, with coal mining contributing HKD 39,975,000, renewable energy HKD 1,633,000, and IT services HKD 1,530,000 [23] - Coal sales revenue decreased to HKD 98,060,000 in 2024 from HKD 199,198,000 in 2023, reflecting a decline of 50.7%[33] - The revenue from IT services decreased to HKD 14,522,000 in 2024 from HKD 37,094,000 in 2023, a decline of approximately 60.8%[33] - The renewable energy business recorded revenue of approximately HKD 3,487,000, a decrease of about HKD 107,000 or 2.98% due to adverse currency effects[76] Assets and Liabilities - The company's total assets decreased to HKD 448,471,000 from HKD 501,214,000, reflecting a decline of 10.5%[5] - The total liabilities as of March 31, 2024, were HKD 353,218,000, compared to HKD 456,298,000 as of March 31, 2023, indicating a reduction of approximately 22.6%[26] - The total estimated coal reserves as of March 31, 2024, were approximately 63.28 million tons, a slight decrease from 63.91 million tons last year[96] - The group had non-current liabilities of approximately HKD 276,697,000, a decrease from HKD 373,898,000 last year, including convertible bonds and mining rights payables[99] - The asset-to-liability ratio improved to approximately 1.61 from 2.98 last year, indicating better financial stability[99] Cash Flow and Financing - Cash and cash equivalents decreased to HKD 189,307,000 from HKD 234,113,000, a reduction of 19.1%[5] - The company’s financing costs decreased to HKD 3,762,000 from HKD 7,214,000, a reduction of 47.7%[2] - The company reported a total financing cost of HKD 6,015,000 for 2024, down from HKD 7,214,000 in 2023, a decrease of approximately 16.6%[34] - The company has confirmed that it will not incur additional costs related to the original Kaiyuan coal mine, aside from the resource fee already paid[65] Operational Highlights - The company plans to continue expanding its renewable energy solutions in Malaysia and IT services in Hong Kong, Malaysia, Singapore, and the UK [20] - The company achieved a significant milestone by obtaining safety production permits, which is crucial for compliance and future development[61] - The company plans to increase coal production capacity to 900,000 tons per year, with approvals for the expansion plan obtained after several years of regulatory processes[66] - The company successfully expanded its mining area from approximately 1.1596 square kilometers to 4.1123 square kilometers, with a designed capacity of 900,000 tons per year, ten times that of the original capacity[67] Tax and Compliance - The company recognized a tax expense of HKD 787,000 for 2024, significantly lower than HKD 26,621,000 in 2023, indicating a substantial decrease[38] - The effective tax rate for the group in Malaysia is calculated at 24%, with certain entities benefiting from reduced rates of 15% and 17% on specified income brackets[40] - The group’s entities in Singapore benefit from a 75% tax exemption on the first SGD 10,000 of taxable income and an additional 50% exemption on the next SGD 190,000[41] - The company has implemented targeted disclosure regulations to help investors understand tax risks associated with international tax reforms [18] Employee and Administrative Costs - Employee costs (excluding directors' remuneration) decreased to HKD 33,715,000 in 2024 from HKD 40,558,000 in 2023, a reduction of about 16.9%[35] - Administrative and other operating expenses increased by approximately HKD 12,692,000 or about 25.96%, totaling approximately HKD 61,588,000, mainly due to increased environmental-related costs and depreciation[85] Dividends and Shareholder Information - The group has not declared or recommended any dividends for the year ending March 31, 2024, consistent with 2023[42] - The group had 765,373,584 issued ordinary shares as of March 31, 2024[102]
南南资源(01229) - 2024 - 年度业绩