Financial Performance - The company's revenue for the year ended March 31, 2024, was HKD 588,740,000, representing an increase of 7.3% compared to HKD 547,375,000 in 2023[7] - Gross profit for the same period was HKD 103,692,000, up from HKD 94,511,000, indicating a growth of 9.2%[7] - The company reported a net loss of HKD 46,604,000 for the year, compared to a net loss of HKD 28,764,000 in 2023, reflecting an increase in losses of 62.1%[7] - The basic and diluted loss per share for the year was HKD 0.041, compared to HKD 0.026 in 2023, indicating a 57.7% increase in loss per share[9] - The company reported a net loss of HKD 39,042,000 due to impairment losses, significantly higher than the loss of HKD 7,382,000 in 2023[28] - The company’s expected credit loss ratio for overdue receivables over 90 days was 44% as of March 31, 2024, compared to 29% in the previous year[53] - The net loss attributable to owners increased by approximately 61.2% from about HKD 28.8 million in 2023 to about HKD 46.4 million in 2024, resulting in a net loss margin of -7.9%[84] Revenue Sources - Revenue from property management and related services reached HKD 586,947,000, up 7.5% from HKD 545,857,000 in the previous year[21] - Rental income from investment properties increased to HKD 1,793,000 from HKD 1,380,000, reflecting a growth of 30%[21] - The company’s property management service revenue in Hong Kong was HKD 561,243,000, an increase from HKD 513,143,000 in 2023[23] - The company generated approximately HKD 37.60 million and HKD 60.70 million from independent security service contracts, accounting for about 6.9% and 10.3% of total revenue respectively[74] - Property management service contracts accounted for 89.4% of total revenue in 2024, generating approximately HKD 526.2 million, despite a decrease in the number of contracts from 445 to 421[75] - Independent security service contracts saw a significant growth of approximately 61.4%, reaching about HKD 60.7 million in 2024[75] Expenses and Liabilities - Administrative expenses rose to HKD 84,599,000 from HKD 79,243,000, marking an increase of 6.5%[7] - Employee costs, including salaries and benefits, increased to HKD 514,647,000 in 2024 from HKD 475,551,000 in 2023, highlighting rising operational expenses[40] - The group incurred a segment loss of HKD 38,133,000 for the year ended March 31, 2024, compared to a loss of HKD 2,344,000 in the previous year, indicating a significant decline in profitability[35] - The company’s total liabilities included approximately HKD 29.20 million in performance guarantees as of March 31, 2024, compared to HKD 27.40 million in 2023[66] - The company’s financing costs decreased to HKD 447,000 in 2024 from HKD 595,000 in 2023, indicating improved cost management[39] Assets and Equity - Total assets decreased to HKD 231,702,000 from HKD 287,909,000, a decline of 19.6%[11] - The company’s equity attributable to owners decreased to HKD 223,510,000 from HKD 273,817,000, a drop of 18.4%[13] - The company’s equity as of March 31, 2024, was HKD 227,832,000, compared to HKD 278,306,000 as of March 31, 2023[15] - The group’s total assets decreased to HKD 305,061,000 as of March 31, 2024, down from HKD 365,994,000 in the previous year, reflecting a reduction in asset base[35] Impairment and Losses - The company experienced a significant increase in other losses, netting HKD 39,042,000 compared to HKD 7,382,000 in the previous year[7] - The fair value loss on investment properties was HKD 8,328,000, compared to a minimal loss of HKD 100,000 in the previous year[28] - The company recognized an impairment loss of approximately HKD 122,000 on intangible assets due to underperformance in the property management and related services business in China[46] Corporate Governance - The company has adopted corporate governance principles to enhance accountability and transparency, ensuring the interests of shareholders are protected[127] - The company has complied with all corporate governance codes, except for the separation of roles between the Chairman and the CEO[128] - The company has not appointed a CEO since September 8, 2015, but the board believes current arrangements ensure effective management and oversight[129] - The chairman, who also serves as an executive director, believes that the deviation from corporate governance code C.2.7 does not significantly impact board operations[130] Shareholder Information - Mr. Huang Li Ming holds 626,071,950 shares, representing approximately 55.45% of the issued share capital[133] - HSBC International Trustee Limited and H Family Company Limited also hold 626,071,950 shares, each representing approximately 55.45% of the issued share capital[138] - The company has not established any arrangements for its directors and senior management to benefit from purchasing shares or debt securities of the company or its subsidiaries[136] - The company confirms that there are no other interests or short positions held by directors or their associates in the company's shares or related securities[135] Future Outlook - The company plans to focus on market expansion and new product development to improve future performance[7] - The company expects to fully utilize the remaining net proceeds of HKD 4.3 million by the fiscal year ending March 31, 2026[121]
时时服务(08181) - 2024 - 年度业绩