Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 923,894,000, a decrease of 9.7% from HKD 1,022,922,000 in the previous year[4] - Gross profit for the same period was HKD 371,987,000, down 12.0% from HKD 422,806,000[4] - Operating profit increased significantly to HKD 73,393,000, compared to HKD 34,527,000 in the previous year, representing a growth of 112.5%[4] - Net profit for the year was HKD 54,972,000, up 91.7% from HKD 28,677,000 in the previous year[4] - Basic and diluted earnings per share rose to HKD 12.56, compared to HKD 6.36 in the previous year, an increase of 97.0%[4] - The company reported a total comprehensive income of HKD 58,894,000, compared to HKD 28,082,000 in the previous year, reflecting a growth of 109.5%[5] - Annual profit for the year was HKD 54,972,000, representing a 92% increase compared to HKD 28,677,000 in the previous year[30] Revenue Breakdown - Advertising revenue decreased to HKD 458,471,000, down 16.6% from HKD 549,702,000[16] - Service revenue slightly increased to HKD 425,146,000, up 0.2% from HKD 422,326,000[16] - Publishing revenue decreased by 21% to HKD 40,300,000, attributed to reduced print publication volumes in the market[33] - Service revenue remained stable at HKD 425,146,000, with a 4% decline in revenue from financial news services due to a weak local stock market[33] - Over 60% of total revenue for the fiscal year came from digital platforms and information software services, indicating a strategic focus on digital growth[35] Asset and Liability Management - Total assets as of March 31, 2024, were HKD 935,340,000, compared to HKD 923,651,000 in the previous year[7] - The total amount of non-current assets was HKD 448,714,000, a decrease from HKD 484,191,000 in 2023[19] - Trade receivables totaled HKD 135,962,000, down from HKD 178,286,000 in 2023, with a provision for impairment of HKD 3,604,000[25] - As of March 31, 2024, the group's net current assets increased by HKD 68.2 million to HKD 483.7 million, attributed to proceeds from property sales offsetting operational performance declines[44] - The group's cash balance as of March 31, 2024, was HKD 526.5 million, up from HKD 464.2 million as of March 31, 2023[45] - The group has no debt as of March 31, 2024, maintaining a strong financial position to support strategic investments and dividend policies[47] Operational Efficiency - Total operating expenses decreased by 8% to HKD 551,907,000, while sales and distribution expenses decreased by 3% to HKD 196,472,000[30] - The company plans to continue investing in quality content, innovative technology, and digital talent to ensure sustainable growth and long-term business development[35] - The group plans to integrate more AI technology into its operations to enhance user experience and operational efficiency, aiming for greater value creation[46] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, with the exception of the separation of roles between the Chairman and the CEO, which are held by the same individual, Mr. Feng Shaobo[54] Governance and Compliance - The company confirms compliance with the standard code for securities trading by directors as outlined in the listing rules, for the fiscal year ending March 31, 2024[55] - The Audit Committee, established in 2005, has reviewed the audited annual performance for the fiscal year ending March 31, 2024[56] - The Remuneration Committee, also established in 2005, has defined its responsibilities and includes independent non-executive directors[57] - The Nomination Committee, formed in 2005, comprises three independent non-executive directors and has established its responsibilities[59] - The board of directors includes three executive directors and three independent non-executive directors as of June 24, 2024[61] Employee and Dividend Information - The company plans to propose a final dividend of HKD 0.07 per share, totaling HKD 30,212,000, at the upcoming annual general meeting[24] - The group has proposed a final dividend of HKD 0.07 per share, totaling HKD 30.2 million, subject to shareholder approval[50] - The number of employees decreased from 1,340 to 1,184 as of March 31, 2024, reflecting the company's focus on maintaining competitive compensation and benefits[48] Market Challenges - Non-current asset impairment loss amounted to HKD 11,847,000, reflecting ongoing economic uncertainties affecting the media sector[27] - Advertising revenue fell by HKD 91,200,000 or 17% to HKD 458,500,000, primarily due to a weak local advertising market influenced by the downturn in the stock and property markets[32] - The media division recorded a loss, increasing by HKD 24.7 million after excluding the one-time employment support subsidy of HKD 27.4 million from the previous fiscal year, primarily due to weak advertising revenue[41] - The net profit of the financial communications, information, and software division decreased by HKD 7.8 million after excluding a one-time employment support subsidy of HKD 5.9 million, mainly due to a decline in digital platform advertising revenue[42] - The effective tax rate increased to 35.5% from 28.6% in the previous fiscal year, primarily due to the write-off of deferred tax assets[39]
经济日报集团(00423) - 2024 - 年度业绩