Financial Performance - The annual profit for the year ended March 31, 2023, was HKD 268,975,000, a decrease of 61.2% compared to HKD 692,674,000 in 2022[4] - The total comprehensive income for the year ended March 31, 2023, was a loss of HKD 56,461,000, compared to a profit of HKD 883,642,000 in 2022[4] - Total revenue for the year ended March 31, 2023, was HKD 7,100,052, a decrease of 17.8% from HKD 8,634,433 in the previous year[17] - Operating profit decreased to HKD 378,883, down 44.6% from HKD 684,290 year-on-year[17] - Net profit for the year was HKD 268,975, a decline of 61.2% compared to HKD 692,674 in the previous year[18] - Basic and diluted earnings per share were HKD 0.77, down from HKD 2.13 in the previous year[18] - The profit before tax for the year was HKD 418,629 thousand, down from HKD 849,540 thousand in the previous year, indicating a decline in overall profitability[61] - The segment profit before net finance costs was HKD 516,956 thousand, compared to HKD 924,855 thousand in the previous year, showing a decrease of approximately 44%[61] - The group reported a total value of unfinished construction and mechanical engineering contracts amounting to HKD 10.239 billion as of March 31, 2023[95] Assets and Liabilities - The net current asset value increased to HKD 3,158,212,000 from HKD 1,872,372,000 in the previous year, reflecting a growth of 68.3%[6] - Total assets less current liabilities rose to HKD 15,009,846,000, up from HKD 13,882,208,000, indicating an increase of 8.1%[6] - The company's equity decreased to HKD 10,992,500,000 from HKD 11,226,593,000, a decline of 2.1%[6] - Total assets increased to HKD 20,319,448 thousand in 2023, up from HKD 20,214,895 thousand in 2022, representing a growth of 0.52%[41] - Total liabilities rose to HKD 9,326,948 thousand in 2023, compared to HKD 8,988,302 thousand in 2022, marking an increase of 3.77%[41] - Non-current assets increased to HKD 19,922,318 thousand in 2023, compared to HKD 19,297,686 thousand in 2022, an increase of 3.23%[41] - The company's bank and other borrowings decreased significantly to HKD 900,334,000 from HKD 2,425,438,000, a reduction of 62.9%[6] - The company’s bank and other borrowings decreased to HKD 3,881,128 thousand in 2023 from HKD 4,019,900 thousand in 2022, a reduction of 3.44%[41] Revenue Breakdown - Revenue from construction and installation contracts was HKD 2,980,732 thousand, down from HKD 3,009,325 thousand in the previous year, reflecting a decline of 0.96%[44] - Revenue from sales of information technology equipment, cars, and others decreased to HKD 1,549,244 thousand from HKD 1,936,302 thousand, a drop of 20.05%[44] - The company reported a decrease in property sales revenue to HKD 101,709 thousand in 2023, down from HKD 1,055,546 thousand in 2022, a decline of 90.38%[44] - Revenue from Hong Kong was HKD 4,759,308,000, accounting for 51% of total revenue, while revenue from Mainland China was HKD 2,527,813,000, representing 27%[67] - Revenue from the automotive agency sector decreased from HKD 2.291 billion to HKD 1.808 billion, a year-on-year decline of 21%[165] Operational Highlights - The company plans to focus on market expansion and new product development in the upcoming fiscal year[17] - The company is currently evaluating the impact of new accounting standards on its financial reporting, particularly regarding insurance contract liabilities[10] - The company plans to continue improving its accounting procedures and internal controls in accordance with the new Hong Kong Financial Reporting Standards[51] - The company is focusing on enhancing automation, data analysis, and QR code management systems in its aluminum window and curtain wall division to improve efficiency and quality[119] - The company plans to continue monitoring environmental project tender opportunities, driven by government initiatives to improve water supply and sewage treatment[130] Investment and Development - The company is developing a low-density luxury residential project on a site of approximately 48,000 square feet in Shatin[137] - The residential development project "Hong Kong City" has sold approximately 70% of its units, with the fifth phase expected to be completed by the end of 2024[138] - The group plans to develop a modern industrial building with a total floor area of approximately 88,000 square feet in Fanling, anticipating increased land demand due to the government's re-industrialization policy[160] - The group is exploring new business opportunities in Hong Kong and the Greater Bay Area[165] Challenges and Losses - The company reported a foreign exchange loss of HKD 23,689,000 for the year, compared to a gain of HKD 12,597,000 in the previous year[4] - The fair value adjustment of financial instruments designated as cash flow hedges resulted in a loss of HKD 295,166,000, compared to a gain of HKD 130,630,000 in the previous year[4] - The company recorded a significant drop in gross profit margin, with gross profit at HKD 811,329 compared to HKD 1,036,856 last year[17] - The occupancy rate of the group's nursing home facilities has not met expectations, with significant losses attributed to a decrease in fair value of medical office buildings in New York, Pennsylvania, and Rhode Island amounting to approximately HKD 118 million[140] - The property development and operations segment saw a significant decline in revenue and profit, with income dropping 61% from HKD 1.511 billion to HKD 588 million, and profit decreasing 52% from HKD 268 million to HKD 128 million[157]
CHEVALIER INT'L(00025) - 2023 - 年度业绩