Financial Performance - For the fiscal year ending March 31, 2024, the operating profit increased to HKD 174,511,000, up from HKD 157,561,000 in the previous year, representing an increase of approximately 10.9%[2] - The company reported a loss attributable to shareholders of HKD 56,169,000 for the year, compared to a profit of HKD 59,835,000 in the previous year, indicating a significant decline[2] - Total revenue for the group was HKD 249,480,000 for the year ending March 31, 2024, compared to HKD 238,397,000 for the previous year, representing a growth of approximately 4.6%[36] - The group reported a pre-tax loss of HKD 68,454,000, a significant decline from a profit of HKD 77,002,000 in the previous year[36] - The total comprehensive income for the year was a loss of HKD 67,810,000, compared to a gain of HKD 37,109,000 in the previous year[6] - The earnings per share (loss) for the year was HKD (4.87), down from HKD 5.18 in the previous year[2] - The company recorded revenue of HKD 249,500,000 for the fiscal year ending March 31, 2024, an increase of 4.7% from HKD 238,400,000 in the previous year[80] - Operating profit for the same period was HKD 174,500,000, up 10.7% from HKD 157,600,000 year-on-year[80] - The company reported a net loss of HKD 49,600,000 for the fiscal year, compared to a profit of HKD 64,400,000 in the previous year[80] Assets and Liabilities - Total assets decreased to HKD 11,021,147,000 from HKD 11,140,635,000, reflecting a reduction of about 1.1% year-over-year[28] - The equity attributable to shareholders decreased to HKD 7,473,050,000 from HKD 7,565,861,000, a decline of approximately 1.2%[28] - Total liabilities amounted to HKD 2,435,070,000, a slight decrease from HKD 2,469,122,000 year-on-year[36] - The net current liabilities stood at HKD (1,330,283,000), compared to HKD (431,800,000) in the previous year, indicating a worsening liquidity position[36] - The group’s total assets less current liabilities were HKD 9,358,856,000, down from HKD 10,418,160,000[36] - Deferred tax liabilities decreased to HKD 64,520,000 from HKD 86,237,000, showing a reduction of approximately 25.2%[36] - The group’s liabilities, excluding accounts payable and other payables, are HKD 2.43 billion, a decrease from HKD 2.47 billion in the previous year[63] Financial Costs - Financial expenses rose sharply to HKD 121,694,000 from HKD 68,999,000, marking an increase of approximately 76.2%[2] - Interest expenses increased significantly from HKD 69,000,000 to HKD 121,700,000 due to rising interest rates[80] - The company’s financial costs nearly doubled, impacting overall profitability despite increased rental income and operating profit[80] Dividends - The group did not declare a final dividend for the year, compared to a dividend of HKD 0.015 per share in the previous year[43] - The company did not recommend a final dividend for the year ending March 31, 2024, compared to HKD 0.015 per share in the previous year[71] - The board does not recommend the payment of a final dividend for the year ending March 31, 2024, compared to HKD 0.015 per share in 2023[114] Real Estate and Rental Income - The rental rate for the Kwan Tong building in Hong Kong is 76% as of March 31, 2024, unchanged from September 2023, contributing HKD 48.2 million in rental income, an increase from HKD 44.2 million in the previous year[54] - The rental rate for the Qiaofa Building in Hong Kong remains at 100%, contributing HKD 21.2 million in rental income, consistent with the previous year[55] - The rental income from the West Wing Club Tower was HKD 60,700,000, up from HKD 56,900,000 in the previous year, with an occupancy rate of 92%[82] - The Shanghai K Wah Center had a stable occupancy rate of 92% and contributed a profit of HKD 8,900,000, down from HKD 11,000,000 in the previous year[83] - The group’s property at 68 Yee Wo Street, Hong Kong, has a rental rate of 86% and generated rental income of HKD 99.5 million, down from HKD 100 million the previous year[100] Market Conditions - The fiscal year 2023 to 2024 is expected to be challenging due to high interest rates and inflation, particularly affecting the global real estate market, especially commercial office sectors[51] - The rental market in Hong Kong is expected to face continued challenges until economic recovery is achieved, particularly in the financial sector[60] - Thailand's tourism industry is recovering well, with over 27 million tourists in 2023 and a projected 37 million in 2024, which is 90% of the 2019 figure[52] - Hong Kong's tourism sector is recovering, with a projected 35% increase in tourist arrivals to 46 million in 2024, but only reaching 70% of 2018 levels[88] - Thailand's tourism is expected to recover to over 90% of 2019 levels in 2024, with strong growth from markets other than China[89] Joint Ventures and Investments - The group holds a 5.1% beneficial interest in three commercial buildings in Tokyo, with a total sale agreement value of JPY 95 billion (approximately HKD 6.3 billion) signed in March 2024[56] - The group recorded a loss of HKD 20.5 million from the joint venture in Tokyo, primarily due to fair value adjustments from yen depreciation[56] - The group recorded a share of loss from the joint venture of HKD 137,100,000, compared to a loss of HKD 50,800,000 in 2023[104] - The group holds a 43.2% stake in Strand Hotels International Limited, which operates three hotels in Myanmar, significantly impacted by international sanctions, leading to the sale of hotel and cruise operations[87] Cash and Bank Balances - The company’s cash and bank balances increased to HKD 302,502,000 from HKD 262,773,000, showing a growth of about 15%[28] - As of March 31, 2024, the group has cash and bank balances of HKD 302.5 million, up from HKD 262.8 million a year earlier[90] Future Outlook - The group anticipates needing additional funds to cover negative cash flow due to high interest costs and slow recovery in the Hong Kong tourism market[108]
建生国际(00224) - 2024 - 年度业绩