Revenue and Profitability - The group's revenue for the year ended March 31, 2024, was HKD 705,000,000, slightly down from HKD 711,000,000 in the previous year[29]. - The sales in China amounted to HKD 693,000,000, compared to HKD 700,000,000 in the previous year, indicating stability in performance[12]. - For the fiscal year ending March 31, 2024, the company's revenue was HKD 705 million, a decrease of 1% from HKD 711 million in the previous year[50]. - The profit attributable to the company's shareholders for the same period was HKD 26 million, down 41% from HKD 44 million in the prior year[50]. - Basic earnings per share decreased to HKD 3.51 from HKD 5.84, representing a decline of 40%[51]. - Operating profit for the year was HKD 26,201,000, down from HKD 43,654,000 in the previous year, reflecting a decline of 40%[91]. - The company recorded a net profit of HKD 26,000,000 for the year, down from HKD 44,000,000 in the previous year, representing a decline of approximately 40.9%[117]. Expenses and Costs - Administrative expenses increased by 11% to HKD 31,000,000, mainly due to higher legal and professional fees, director remuneration, and maintenance costs[15]. - Financial costs rose by 22% to HKD 11,000,000 due to increased bank borrowing rates[16]. - The financial cost for the year was HKD 10,578,000, up from HKD 8,822,000 in the previous year, representing an increase of 19.93%[88]. - Employee benefits expenses, including directors' remuneration, totaled HKD 52,301,000, an increase from HKD 49,132,000 in the previous year, reflecting a rise of 4.43%[96]. - The distribution costs for the year amounted to HKD 100,000,000, an increase of 14% from HKD 88,000,000 in the previous year, primarily due to higher depreciation and rental expenses[115]. Assets and Liabilities - The total assets as of March 31, 2024, were HKD 773 million, a decrease of 6% from HKD 821 million in the previous year[50]. - Total assets decreased from HKD 460,703,000 in 2023 to HKD 444,517,000 in 2024, representing a decline of approximately 3.5%[67]. - The total liabilities of the company were HKD 328,088,000, a decrease from HKD 360,281,000 in the previous year, indicating a reduction of 8.92%[91]. - Non-current liabilities decreased from HKD 63,663,000 in 2023 to HKD 51,645,000 in 2024, a reduction of about 18.9%[67]. - The company's total liabilities to equity ratio improved to 36% as of March 31, 2024, compared to 38% in the previous year[118]. Investment and Valuation - The investment property valuation loss for the year was HKD 32,000,000, up from HKD 26,000,000 in the previous year, attributed to a sluggish property market in London and Hong Kong[30]. - The net loss from fair value of investment properties was HKD 31.73 million, compared to a loss of HKD 26.1 million in the previous year[52]. - The company reported a net loss from investment properties of HKD 31,731,000 for the year, compared to a loss of HKD 26,097,000 in the previous year[91]. - The company reported a net loss of HKD 120,000 from the sale of investment properties in 2024, compared to no loss in 2023[78]. Cash Flow and Dividends - The cash balance as of March 31, 2024, was HKD 165,000,000, down from HKD 194,000,000 in the previous year, primarily due to loan repayments and dividend payments[31]. - The proposed final dividend per ordinary share is HKD 0.0348, down from HKD 0.0469 in the previous year[7]. - The proposed final dividend for the year is HKD 0.26 per share, down 26% from HKD 0.35 per share in the previous year[50]. - The company approved and paid a final dividend of HKD 0.0469 per ordinary share for the previous fiscal year, down from HKD 0.0536 per share in 2023, totaling HKD 35,040,000 compared to HKD 40,046,000 in the prior year[109]. Strategic Focus and Governance - The company plans to maintain a cautious approach in future expansions while focusing on core stores and improving operational efficiency[34]. - The company will continue to review and improve its corporate governance practices to ensure prudent regulation of business operations and decision-making processes[38]. - The company is developing its "leasing properties" segment, in addition to its core business of "watch sales," with investments in two residential properties in London[120]. - The company has implemented monitoring of foreign exchange risks and will use financial instruments to hedge when necessary[119]. Revenue Sources and Performance - Revenue from watch sales was HKD 696,162,000 in 2024, slightly down from HKD 701,523,000 in 2023, indicating a decrease of approximately 0.5%[82]. - Rental income from investment properties increased from HKD 7,414,000 in 2023 to HKD 8,295,000 in 2024, reflecting an increase of about 11.9%[82]. - Interest income from financial assets calculated at amortized cost rose to HKD 2,555,000 in 2024 from HKD 1,918,000 in 2023, marking an increase of approximately 33.2%[78]. - The company reported a decrease in advertising revenue from HKD 945,000 in 2023 to HKD 494,000 in 2024, a decline of approximately 47.8%[78]. - The company had no revenue from any single external customer accounting for 10% or more of total revenue for the years ended March 31, 2024, and March 31, 2023[87]. Taxation - The company has no tax provisions in Hong Kong due to accumulated tax losses exceeding estimated taxable profits[105]. - The company has no estimated taxable profits in Switzerland and the United States, resulting in no tax provisions for these jurisdictions[106][107].
ASIA COMM HOLD(00104) - 2024 - 年度业绩