Financial Performance - The company's revenue for the year ended March 31, 2024, was HKD 80,501,000, representing a significant increase of 151% compared to HKD 31,974,000 for the year ended March 31, 2023[5]. - Gross profit for the same period was HKD 17,558,000, up 81% from HKD 9,703,000 year-over-year[5]. - The operating loss decreased to HKD 17,246,000 from HKD 25,844,000, indicating an improvement in operational efficiency[5]. - The net loss for the year was HKD 20,256,000, a reduction from HKD 28,412,000 in the previous year, showing a 29% improvement[5]. - The total loss attributable to the owners of the company for the year ended March 31, 2024, was HKD 20,098,000, compared to a loss of HKD 28,251,000 for the previous year, indicating a reduction in losses by 29.5%[40]. - The company reported a total of HKD 91,751,000 in total costs and expenses for the year ended March 31, 2024, compared to HKD 49,332,000 for the previous year, representing an increase of 85.7%[35]. - The company incurred research and development expenses of HKD 5,022,000, up from HKD 3,009,000, reflecting a growth of 66.8%[35]. - The company reported a net loss of HKD 20.3 million for the fiscal year ending March 31, 2024, a decrease of 28.7% from a net loss of HKD 28.4 million in the previous year[58]. Assets and Liabilities - Total assets decreased to HKD 48,319,000 from HKD 61,948,000, reflecting a 22% decline[8]. - The company's cash and cash equivalents increased to HKD 14,676,000 from HKD 4,301,000, marking a 241% rise[8]. - The total liabilities decreased significantly to HKD 18,845,000 from HKD 32,050,000, a reduction of 41%[8]. - The equity attributable to owners of the company was HKD 29,474,000, slightly down from HKD 29,937,000[8]. - The company’s trade receivables decreased to HKD 12,257,000 from HKD 14,288,000, a decline of 14.2%[44]. - The company holds trade receivables of HKD 10.8 million, cash and bank deposits of HKD 14.7 million, and other receivables of HKD 6.1 million as of March 31, 2024[77]. Business Segments - The company is primarily engaged in equipment manufacturing and funeral services in China, indicating a focus on these sectors for future growth[9]. - The group reported total segment revenue of HKD 80,501,000 for the year ending March 31, 2024, with equipment manufacturing contributing HKD 78,450,000 and funeral services contributing HKD 2,051,000[24]. - The group incurred a total segment loss of HKD 11,858,000, with equipment manufacturing reporting a loss of HKD 10,119,000 and funeral services reporting a loss of HKD 1,739,000[24]. - The group’s equipment manufacturing business focuses on precision 3D inspection solutions and digital smart ancestral worship services in China[26]. - The funeral services segment provides agency services for the sale of burial plots and columbarium niches in China[26]. - The project with Huanggang Fuyuan Cultural Development Co., Ltd. contributed approximately HKD 6.9 million in revenue for the fiscal year ending March 31, 2024[49]. Accounting and Compliance - The group has adopted new accounting standards effective from April 1, 2023, but these changes did not have a significant impact on the financial performance or position of the group[15]. - The group is evaluating new accounting standards that will take effect on January 1, 2024, and anticipates no significant impact on financial performance upon implementation[21]. - The group has not yet adopted any new standards or interpretations that are effective after April 1, 2023[20]. - The group’s financial disclosures have been updated to reflect the revised definitions and clarifications regarding significant accounting policies[14]. - The group has implemented changes in accounting policies due to the Hong Kong government's amendment regarding the offsetting mechanism for mandatory provident funds and long service payments, but this did not significantly affect the group's liabilities or employee costs[18]. - The company has complied with GEM listing rules regarding the number of independent non-executive directors after appointing a new director on May 2, 2024[82]. Employee and Corporate Governance - As of March 31, 2024, the group had 40 employees, an increase from 27 employees in 2023, indicating a focus on expanding the talent pool for future business growth[77]. - The company has adopted a stock option plan to attract and retain high-caliber employees, reflecting its commitment to competitive compensation[77]. - The board believes that having the same person serve as both chairman and CEO provides strong and continuous leadership, despite deviations from corporate governance codes[79]. Future Outlook - The group aims to continue organic expansion and increase market share while enhancing competitiveness in the future[72]. - The company has not entered into any forward foreign exchange contracts to hedge its foreign exchange risks, as the board considers these risks to be not significant[71]. - The group has no significant investments or major acquisition plans as of March 31, 2024, indicating a conservative approach to capital allocation[74][75][76]. Dividends - The company did not declare any dividends for the year ended March 31, 2024, consistent with the previous year[42]. - The company does not recommend any dividend payment for the year ending March 31, 2024, consistent with the previous year[84].
民富国际(08511) - 2024 - 年度业绩