Financial Performance - The company reported a total revenue of HKD 48,251,000 for the year ending March 31, 2024, compared to HKD 160,000 in the previous year, indicating a significant increase[7]. - The cost of sales was HKD 47,009,000, resulting in a gross profit of HKD 1,242,000 for the current year[7]. - The company incurred a total comprehensive loss of HKD 25,992,000 for the year, compared to HKD 18,307,000 in the previous year, reflecting a worsening financial position[7]. - The basic loss per share was reported at HKD (6.86), compared to HKD (2.86) in the previous year, indicating a decline in shareholder value[7]. - The company reported a net loss attributable to shareholders of HKD 19,438,000 in 2024, compared to a loss of HKD 8,044,000 in 2023, indicating a worsening financial performance[42]. - For the year ended March 31, 2024, the group reported a loss before tax of HKD 21,096,000, compared to a loss of HKD 9,676,000 for the year ended March 31, 2023[27][29]. - The group incurred a loss of approximately HKD 21,312,000 for the year, compared to a restated loss of HKD 9,785,000 in the previous fiscal year[66]. Revenue and Sales - The mining and metals segment generated external sales of HKD 48,251,000 for the year ended March 31, 2024, while the software and innovation segment reported no external sales[27]. - Revenue from external customers in Hong Kong surged to HKD 48,251,000 in 2024, compared to HKD 160,000 in 2023, representing a significant increase[34]. - The group recorded total revenue of approximately HKD 48,251,000 for the year ended March 31, 2024, a 300-fold increase compared to HKD 160,000 in the previous fiscal year, primarily due to the sale of 94 kg of gold in the metal trading business[66]. Expenses and Costs - Employee costs increased to HKD 7,667,000 from HKD 6,719,000, representing a rise of approximately 14.1% year-over-year[7]. - Other income and gains decreased to HKD 3,694,000 from HKD 4,670,000, showing a decline of about 20.9%[7]. - The company recognized a significant increase in the cost of inventory recognized as an expense, which rose to HKD 46,991,000 in 2024 from HKD 2,000 in 2023[41]. - Depreciation and amortization expenses totaled HKD 367,000 in 2024, up from HKD 336,000 in 2023, reflecting increased asset utilization[41]. - Interest income from bank deposits decreased to HKD 1,906,000 in 2024 from HKD 3,581,000 in 2023, a decline of approximately 46.8%[37]. - The group recognized a fair value loss of HKD 520,000 on investment properties for the year ended March 31, 2024[27]. Assets and Liabilities - As of March 31, 2024, total assets decreased to HKD 91,176,000 from HKD 112,795,000 in 2023, representing a decline of approximately 19.2%[8]. - The company's net asset value decreased to HKD 97,656,000 in 2024 from HKD 119,334,000 in 2023, a decline of around 18.2%[9]. - Cash and cash equivalents significantly dropped to HKD 50,278,000 from HKD 90,885,000 in 2023, a decrease of approximately 44.4%[8]. - The group’s total liabilities decreased to HKD 1,376,000 as of March 31, 2024, from HKD 1,464,000 in 2023 and HKD 804,000 in 2022[18]. - The total liabilities decreased from HKD 27,539,000 in 2023 to HKD 24,820,000 in 2024, a reduction of about 9.9%[32]. - The company’s equity attributable to owners decreased to HKD 40,054,000 in 2024 from HKD 51,005,000 in 2023, a decline of approximately 21.5%[9]. Investments and Future Plans - The company plans to continue exploring market expansion opportunities and new product development to improve future performance[7]. - The group plans to expand the production scale of the Baishiquan copper-nickel mine based on the approved resource and reserve report, with additional exploration expected to start in April 2024[48]. - The feasibility study and related reports for the mining facilities are expected to take approximately 3 to 4 months to complete, with mining operations projected to begin in the second half of 2026[50]. - The group spent approximately HKD 567,000 on exploration and development activities, with no significant mining operations conducted during the year[52]. Corporate Governance and Management - The company adheres to the highest standards of corporate governance, emphasizing a high-quality board and effective internal controls[88]. - The position of CEO is currently vacant following the resignation of the acting CEO, with the executive directors collectively fulfilling the role[89]. - The annual general meeting is scheduled for September 3, 2024, to ensure shareholder participation and voting rights[91]. - Share transfer registration will be suspended from August 29, 2024, to September 3, 2024, to confirm shareholder eligibility for the annual general meeting[92].
天时资源(08028) - 2024 - 年度业绩