Financial Performance - The net other income for 2024 was $600, compared to $2,634 in 2023, with a loss from the sale of properties, plants, and equipment amounting to $(4,386)[2] - Total revenue decreased from approximately $18.2 million for the year ending March 31, 2023, to about $13.5 million for the year ending March 31, 2024, a decline of approximately $4.7 million or 26.2%[66] - The gross profit dropped significantly from approximately $2 million to about $500,000, with the gross margin falling from 11.2% to 3.8%[67] - The net loss for the year ended March 31, 2024, was approximately $6,800,000, a decrease of $10,300,000 or 60.2% compared to the loss of $17,100,000 for the year ended March 31, 2023[79] - EBITDA declined from $8,800,000 for the year ended March 31, 2023, to $3,100,000 for the year ending March 31, 2024, a decrease of $5,700,000[81] - Operating loss for the year ended March 31, 2024, was $530,000, compared to an operating loss of $6,249,000 for the year ended March 31, 2023[180] - Net loss attributable to the company's owners decreased from $17,100,000 for the year ended March 31, 2023, to $7,100,000 for the year ended March 31, 2024[179] Revenue and Income - Revenue for the year ended March 31, 2024, was $13,500,000, a decrease of 26.2% from $18,200,000 for the year ended March 31, 2023[179] - Revenue from major customers contributing over 10% of total revenue was $9,299 million in 2024, down from $14,795 million in 2023[174] - The company’s revenue from ship leasing services was significantly impacted by the loss of major customers in 2024[174] - The company’s total revenue from China was $73,474 million in 2024, compared to $70,656 million in 2023[163] Expenses and Liabilities - Depreciation of property, plant, and equipment for 2024 was $4,944, down from $6,765 in 2023, while employee benefit expenses increased to $1,650 from $1,452[4] - The income tax expense for 2024 was $1,256, compared to $9 in 2023, with deferred tax items contributing $1,247[7] - General and administrative expenses decreased from approximately $2,800,000 for the year ended March 31, 2023, to about $2,700,000 for the year ending March 31, 2024, a reduction of $100,000 or 5.0%[69] - The total salary and related costs for the year ending March 31, 2024, amounted to approximately $5,600,000, a decrease from $6,000,000 in 2023[107] - The company has a remaining liability of $55,900,000 for the convertible bonds as of March 31, 2024, after accounting for interest expenses and redemptions[37] Cash Flow and Financing - Cash and cash equivalents were approximately $1,100,000 as of March 31, 2024, down from about $2,000,000 as of March 31, 2023[82] - The company plans to make a one-time cash payment of approximately $55,900,000 for the outstanding amount of convertible bonds and all accrued interest by December 31, 2024[140] - The group is actively seeking additional financing, including debt financing and bank loans, due to insufficient financial resources to meet operational and financing requirements as of March 31, 2024[199] - The group is negotiating with bondholders regarding the extension of repayment terms under the settlement agreement, with expectations to reach an agreement at an appropriate time[200] Assets and Investments - Total assets decreased from $132,992,000 as of March 31, 2023, to $115,213,000 as of March 31, 2024[185] - The company has capital commitments of approximately $250,000 related to investment properties as of March 31, 2024[140] - The company has pledged assets worth $34,388,000 in ships as collateral for bank loans as of March 31, 2023, which have been fully repaid by March 31, 2024[39] - The estimated recoverable amount of the vessels, based on fair value less costs to sell, was $37,272,000 as of March 31, 2024, leading to a reversal of impairment loss of $872,000 for the year[77] Market Conditions - Global dry bulk shipping demand is expected to grow by 2.0% to 56.38 million tons in 2024, a decrease of 2.3 percentage points from 2023[56] - The global iron ore trade volume is projected to increase by 2.0% to 156.8 million tons in 2024[57] - The Baltic Dry Index (BDI) averaged 1,378 points in 2023, a decrease of 28.7% compared to the average in 2022, but slightly above the 2019 average of 1,353 points[45] - The average daily rental income for the fleet decreased to $10,269, down by $2,891 or 22% from the previous year[52] Future Outlook - The group anticipates a slight improvement in the global economic situation for 2024, with expectations of growth in the international dry bulk shipping market[113] - The management has prepared cash flow forecasts considering various plans and measures for at least the next twelve months from March 31, 2024[141] - The effectiveness of the going concern assumption depends on the success of the plans and measures implemented by the management[141] - The company will continue to monitor market changes and explore potential investment opportunities to increase revenue sources[113]
荣丰亿控股(03683) - 2024 - 年度业绩