Financial Performance - The company reported a loss of HKD 176,166,000 for the year ended March 31, 2024, compared to a loss of HKD 192,222,000 for the previous year, representing a 8.4% improvement in losses [3]. - Revenue for the year was HKD 104,388,000, an increase of 19% from HKD 87,695,000 in the previous year [3]. - The cost of sales and services increased significantly to HKD 131,690,000, up from HKD 85,142,000, leading to a gross loss of HKD 27,302,000 compared to a gross profit of HKD 2,553,000 in the prior year [3]. - The company’s basic loss per share was HKD 46.3 cents, compared to HKD 50.4 cents in the previous year [3]. - The company reported a total comprehensive income of HKD (177,151) million for the year, compared to HKD (201,735) million in the previous year, indicating an improvement [32]. - The loss attributable to shareholders for the year was HKD 173.886 million, slightly improved from HKD 189.329 million in 2023 [108]. Dividends and Shareholder Returns - The company did not recommend a final dividend for the year ended March 31, 2024 [2]. - The group did not declare any dividends for the year ended March 31, 2024, consistent with the previous year [109]. - The board does not recommend the payment of a final dividend for the year ending March 31, 2024 [190]. Assets and Liabilities - The company had a total asset value minus current liabilities of HKD 874,073,000 as of March 31, 2024 [7]. - The total assets of the company as of March 31, 2024, amounted to HKD 1,147,602 million, down from HKD 1,358,091 million in the previous year, reflecting a decrease of approximately 15.4% [30]. - The company’s total liabilities decreased to HKD 296,131 million from HKD 328,199 million, representing a reduction of about 9.8% year-over-year [30]. - The company’s equity attributable to owners was HKD 861 million as of March 31, 2024, down from HKD 1.036 billion in 2023 [155]. - The company’s total segment liabilities decreased to HKD 98,959 million from HKD 148,419 million, a decrease of about 33.3% year-over-year [30]. - The company’s bank borrowings totaled HKD 276 million as of March 31, 2024, a decrease from HKD 313 million in 2023 [145]. Cash Flow and Financing - Cash and bank deposits as of March 31, 2024, were approximately HKD 101,000,000, down from HKD 167,000,000 in the previous year [2]. - The company’s financing costs increased to HKD 15,713,000 from HKD 12,744,000 in the previous year [3]. - The company’s liabilities for bank loans increased to HKD 185,000 million from HKD 172,500 million, reflecting an increase of approximately 7.2% [30]. - The group’s net debt as of March 31, 2024, was 175 million HKD, an increase from 145 million HKD in 2023 [170]. - The group has utilized HKD 185,000,000 of the HKD 237,500,000 bank financing granted by relevant banks, failing to meet one financial covenant related to net asset requirements [198]. Operational Highlights - The company had a remaining performance obligation of HKD 75,137,000 as of March 31, 2024, significantly up from HKD 4,187,000 in the previous year [20]. - The company incurred a net foreign exchange loss of HKD 3,923,000 in the current year compared to a loss of HKD 3,608,000 in the previous year [56]. - The company has ongoing property redevelopment projects in the US and the UK, including the Graphite Square project, which is progressing as planned [102]. - The group has begun delivering pre-sold units in the Wong Chuk Hang and Shek Pai Tau projects, which have received industry awards for their design [125]. - The group is in the planning stage for the Monterey Park Towne Centre project, with revised plans expected to be approved by the end of 2024 [162]. Market Conditions and Future Outlook - The company aims to expand its market share in Southeast Asia to meet the changing demands of consumers [140]. - The company maintains a cautious outlook on recent market conditions, despite ongoing geopolitical tensions [141]. - The group has observed positive signs in the residential market and expects favorable conditions for the local commercial real estate market due to the government's new capital investment scheme [168]. Governance and Compliance - The company has adopted a securities trading code for directors and senior management that meets or exceeds the standards set by the listing rules [192]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ending March 31, 2024 [194]. - The chairman and CEO roles are held by the same individual, which deviates from corporate governance guidelines, but the board believes this arrangement serves the company's best interests [200].
宏基资本(02288) - 2024 - 年度业绩