Financial Performance - The company reported a loss attributable to equity holders of HKD 320,700,000 for the year ended March 31, 2024[4]. - Total revenue for the year was HKD 110,499,000, a significant increase from HKD 63,010,000 in the previous year, representing a growth of approximately 75%[5]. - The cost of sales increased to HKD 207,558,000 from HKD 104,111,000, leading to a gross loss of HKD 97,059,000 compared to a gross loss of HKD 41,101,000 in the prior year[5]. - The operating loss for the year was HKD 338,493,000, slightly higher than the previous year's loss of HKD 327,117,000[5]. - The company recorded a total comprehensive loss of HKD 476,030,000 for the year, compared to HKD 536,780,000 in the previous year[7]. - The company incurred finance costs of HKD 6,170,000, significantly lower than HKD 23,414,000 in the previous year[5]. - The net loss for the year 2024 was HKD (323,043,000), slightly improved from HKD (332,666,000) in 2023, reflecting a decrease in losses of about 2.9%[20]. - The company reported a net loss of HKD (57,329,000) in 2024, an improvement from HKD (65,822,000) in 2023, reflecting a reduction of about 12.7%[23]. Assets and Liabilities - The group's cash reserves totaled HKD 938,800,000, including HKD 18,700,000 in bond and securities investments, while bank borrowings amounted to HKD 652,300,000[4]. - Total assets decreased from HKD 4,616,443 thousand in 2023 to HKD 3,918,718 thousand in 2024, a decline of approximately 15.1%[10]. - Non-current assets decreased from HKD 2,378,190 thousand in 2023 to HKD 2,158,980 thousand in 2024, a decline of about 9.2%[9]. - Current assets decreased from HKD 3,001,217 thousand in 2023 to HKD 2,536,007 thousand in 2024, a decline of approximately 15.4%[9]. - Total liabilities decreased from HKD 762,964 thousand in 2023 to HKD 776,269 thousand in 2024, an increase of approximately 1.7%[10]. - Current liabilities increased slightly from HKD 244,015 thousand in 2023 to HKD 246,642 thousand in 2024, an increase of about 1.1%[9]. - Shareholders' equity decreased from HKD 3,904,986 thousand in 2023 to HKD 3,428,956 thousand in 2024, a decline of approximately 12.1%[10]. Revenue Breakdown - Revenue from sales operations amounted to HKD 49,723 thousand, while rental income was HKD 19,579 thousand, showing a decline from HKD 23,435 thousand in the previous year[17]. - Revenue from property development and investment in 2024 was HKD 69,302,000, a substantial increase from HKD 24,785,000 in 2023, representing a growth of approximately 179%[20]. - The revenue from the cemetery and administrative services segment in 2024 was HKD 18,307,000, compared to HKD 23,180,000 in 2023, showing a decline of approximately 21%[20]. - The sales revenue from cemetery assets in China decreased by 21.1% to approximately HKD 18.3 million, down from HKD 23.2 million in 2023, primarily due to a reduction in the number of graves sold[44]. Investments and Fair Value - The company holds a 61.15% stake in Profit Stability Investments Limited as of March 31, 2024[13]. - The company reported a decrease in investment properties from HKD 1,210,926 thousand in 2023 to HKD 1,062,744 thousand in 2024, a decline of about 12.2%[9]. - The fair value gain recognized in profit or loss was HKD 22,890 thousand, up from HKD 15,045 thousand, indicating a significant increase of approximately 52%[17]. - The fair value loss on investment properties in 2024 was HKD 76,084,000, compared to HKD 78,875,000 in 2023, indicating a slight improvement in losses of about 3.5%[20]. - The fair value loss from financial assets was HKD 167,200,000 in 2024, compared to HKD 117,400,000 in 2023, indicating an increase in losses of approximately 42.5%[23]. Operational Strategy and Future Outlook - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[3]. - The group continues to evaluate its business segments, including property development, investment, and cemetery operations, to optimize resource allocation[18]. - The company is seeking suitable opportunities to sell its investment properties to strengthen its financial position[56]. - The group maintains a cautious outlook on the global economic environment, particularly noting liquidity issues in China's real estate development sector[73]. - In Hong Kong, the group anticipates a gradual recovery in the real estate market due to government measures such as stamp duty relaxation and expected interest rate cuts[73]. Employee and Governance - As of March 31, 2024, the group employed 89 staff members and offers various employee benefits including discretionary bonuses and medical insurance[75]. - The audit committee has reviewed the financial reporting procedures and internal controls for the year ending March 31, 2024[77]. - The preliminary announcement of the group's performance for the year ending March 31, 2024, has been agreed upon by the auditors, confirming alignment with the financial report[79].
庄士中国(00298) - 2024 - 年度业绩