Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was HKD 148,231,000, a decrease of 5.8% compared to HKD 157,048,000 for the previous year[2]. - Gross profit for the same period was HKD 34,146,000, down 21% from HKD 43,418,000 year-over-year[2]. - The net loss for the fiscal year was HKD 22,561,000, compared to a net loss of HKD 3,576,000 in the previous year, indicating a significant increase in losses[3]. - Basic loss per share for the year was HKD 4.91, compared to HKD 0.92 in the prior year, reflecting a substantial decline in profitability[2]. - Other income for the fiscal year was HKD 3,526,000, down from HKD 4,253,000 in the previous year, showing a decrease of approximately 17%[2]. - Total comprehensive loss for the year was HKD 25,056,000, compared to HKD 8,436,000 in the previous year, highlighting a worsening financial position[3]. - The operating loss before tax for the fiscal year ending March 31, 2024, was HKD 21,328,000, compared to a loss of HKD 6,516,000 in the previous year, indicating a significant increase in losses[20][22]. - The company reported a total of HKD 33,915,000 in segment profit for the fiscal year ending March 31, 2024, down from HKD 41,220,000 the previous year, reflecting a decrease of about 17.7%[20][22]. - The company reported a net loss of HKD 49,295,000 for the fiscal year ending March 31, 2024, compared to a net loss of HKD 48,800,000 in the previous year, indicating a slight increase in losses[20][22]. - The pre-tax loss for the year 2024 was HKD 18,674,000, compared to a loss of HKD 3,504,000 in 2023, indicating a significant increase in losses[37]. Revenue Breakdown - The revenue breakdown indicates that the group primarily engages in the manufacturing and trading of rock drilling tools and piling machines, contributing significantly to overall earnings[13]. - Revenue from external customers for the year ended March 31, 2024, was HKD 148,231,000, compared to HKD 157,048,000 for the previous year, representing a decrease of approximately 5.2%[28]. - Revenue from the sale of drilling tools accounted for approximately 92.1% of total revenue, down from 93.3% in the previous year[48]. - Revenue from the sale of piling machines and drilling equipment accounted for approximately 7.9% of total revenue, up from 6.7% in the previous year[49]. - Revenue from the Hong Kong market was approximately HKD 142.6 million, accounting for 96.2% of total revenue, down from HKD 149.5 million or 95.2% in the previous year[46]. - The group experienced a significant reduction in revenue from the Hong Kong market, which fell from HKD 149,450,000 to HKD 142,629,000, a decline of about 4.1%[28]. - Revenue from the Chinese market was reported at HKD 10,872,000, a notable increase from HKD 13,803,000 in the previous year, indicating growth potential in this region[28]. - Major customer A contributed HKD 34,590,000 to the group's revenue, while major customer C contributed HKD 35,518,000, indicating significant reliance on a few key clients[29]. - The top five customers accounted for approximately HKD 81.9 million in revenue, representing about 55.2% of total revenue, compared to 63.1% in the previous year[67]. Assets and Liabilities - Total assets decreased from HKD 187,164 million in 2023 to HKD 160,017 million in 2024, representing a decline of approximately 14.5%[5]. - Current assets increased from HKD 213,139 million in 2023 to HKD 186,074 million in 2024, a decrease of about 12.7%[5]. - Cash and cash equivalents decreased from HKD 65,969 million in 2023 to HKD 46,616 million in 2024, a decline of approximately 29.4%[5]. - Total liabilities decreased from HKD 43,941 million in 2023 to HKD 41,719 million in 2024, a reduction of about 5.0%[5]. - Shareholders' equity decreased from HKD 177,869 million in 2023 to HKD 152,813 million in 2024, representing a decline of approximately 14.1%[5]. - The company’s total current liabilities increased from HKD 9,263 million in 2023 to HKD 12,489 million in 2024, an increase of approximately 34.5%[5]. - The company’s total liabilities increased from HKD 114,085,000 in 2023 to HKD 113,630,000 in 2024, reflecting a slight decrease of about 0.4%[33]. - The asset-to-liability ratio of the group was approximately 21.9% as of March 31, 2024, a decrease from 22.4% as of March 31, 2023, primarily due to a reduction in bank and other borrowings[63]. Expenses and Costs - Administrative expenses increased to HKD 40,249,000 from HKD 39,772,000, indicating a rise of about 1.2%[2]. - Total employee costs decreased from HKD 29,673,000 in 2023 to HKD 26,441,000 in 2024, reflecting a reduction of approximately 7.5%[33]. - The company incurred financing costs of HKD 1,189,000 for the fiscal year ending March 31, 2024, compared to HKD 1,035,000 in the previous year, indicating an increase of about 14.9%[20][22]. - The company reported a significant increase in depreciation expenses from HKD 1,500,000 in 2023 to HKD 2,010,000 in 2024, an increase of about 34%[33]. - The depreciation of property and equipment amounted to HKD 667,000 for the year, highlighting ongoing capital expenditures[25]. Future Outlook and Strategy - The company plans to focus on new product development and market expansion strategies to improve future performance[2]. - The group is focusing on expanding its market presence and enhancing product offerings to mitigate revenue declines in key regions[28]. - The group continues to adopt a cautious outlook on the construction market and its business prospects in Hong Kong due to an uncertain economic environment[59]. - The group plans to continue expanding into international markets, expecting an increase in revenue from international customers[59]. Governance and Compliance - The company has established an Audit and Compliance Committee consisting of three independent non-executive directors[80]. - The company will review its corporate governance practices to ensure compliance with listing rules and protect shareholder interests[80]. - The company has not made any necessary amendments to its management structure as no suitable candidates have been identified[80]. - The annual general meeting will be held on August 14, 2024, with a suspension of share registration from August 8 to August 14, 2024[85]. Miscellaneous - The company did not declare or recommend any dividends for both reporting periods, maintaining a focus on reinvestment[38]. - There were no significant investments, acquisitions, or disposals of subsidiaries during the year[72]. - The company has not bought, sold, or redeemed any of its listed securities during the year[77]. - There are no significant events affecting the group after the reporting period[79]. - The group has no significant contingent liabilities as of March 31, 2024[68].
煜荣集团(01536) - 2024 - 年度业绩