Financial Performance - Revenue for the year ended March 31, 2024, increased by 40% to HKD 176,944,000 compared to HKD 126,362,000 in 2023[3] - Gross profit rose by 56% to HKD 68,995,000 from HKD 44,318,000 year-on-year[3] - Loss before tax decreased by 37% to HKD 21,354,000 from HKD 33,904,000 in the previous year[4] - The net loss attributable to owners of the company improved by 15% to HKD 20,158,000 compared to HKD 23,765,000 in 2023[4] - Basic and diluted loss per share was HKD 1.03, down from HKD 1.21 in the previous year, reflecting a 15% decrease[4] - The group reported a net loss of HKD 20,398,000 for the year ending March 31, 2024, alongside current liabilities of HKD 2,740,000[37] - The group reported a pre-tax loss of HKD 21,354 thousand in 2024, an improvement from a loss of HKD 33,904 thousand in 2023[44] - The group reported a loss of approximately HKD 20.4 million after tax, a reduction of 14.6% from HKD 23.9 million in the previous year, mainly due to increased revenue[106] Assets and Liabilities - Total assets decreased to HKD 459,591,000 from HKD 485,288,000 year-on-year[6] - Non-current liabilities decreased to HKD 80,778,000 from HKD 86,077,000[7] - The company's equity attributable to owners decreased to HKD 382,158,000 from HKD 402,316,000[7] - Cash and bank balances decreased to HKD 42,642,000 from HKD 50,212,000[6] - The group's total assets decreased to HKD 555,227 thousand in 2024 from HKD 602,356 thousand in 2023, a decline of 7.8%[44] - The group's net asset value as of March 31, 2024, was approximately HKD 378.8 million, a decrease from HKD 399.2 million in the previous year, primarily due to depreciation and impairment losses on investment properties[108] - The equity attributable to owners of the company as of March 31, 2024, was approximately HKD 382.2 million, down from HKD 402.3 million in the previous year, reflecting the losses recorded during the year[109] Revenue Segments - The group's external revenue for the hotel operations segment increased to HKD 74,443 thousand in 2024 from HKD 44,702 thousand in 2023, representing a growth of 66.7%[42] - The building materials trading and renovation services segment generated external revenue of HKD 102,501 thousand in 2024, up from HKD 81,660 thousand in 2023, reflecting a growth of 25.4%[42] - Hotel room sales generated HKD 71,540,000 in 2024, up from HKD 39,607,000 in 2023, reflecting an increase of 80.5%[52] - The construction and renovation services segment reported revenue of HKD 102,501,000, an increase of 25.5% from HKD 81,660,000 in the previous year[52] - The company recorded revenue of approximately HKD 102.5 million from its building materials trading and renovation construction business during the review year[96] Expenses and Costs - The cost of services provided was HKD 107,949,000 in 2024, compared to HKD 82,044,000 in 2023, representing a 31.5% increase[58] - The administrative and other operating expenses were approximately HKD 36 million, an increase from HKD 34.6 million in the previous year, primarily due to higher hotel operating expenses[104] - Financing costs have risen by HKD 111,000, contributing to an overall increase in net loss of HKD 3,723,000 for the year ending March 31, 2024[34] - The company recognized impairment losses of HKD 350,000 for receivables in 2024, compared to no losses in 2023, indicating potential credit risk[75] Accounting Standards and Amendments - The amendments to Hong Kong Accounting Standard No. 12 clarify that the initial recognition exemption for deferred tax assets and liabilities does not apply to transactions that give rise to equal taxable and deductible temporary differences[17] - The group expects that the application of the amendments will not have a significant impact on its consolidated financial statements for the current year[18] - The amendments to Hong Kong Financial Reporting Standards and Accounting Standards will be applied on the effective date without early adoption[19] - The amendments to Hong Kong Accounting Standard No. 1 clarify that liabilities are classified as current or non-current based on rights existing at the end of the reporting period[21] - The amendments to Hong Kong Accounting Standard No. 16 introduce subsequent measurement requirements for lease liabilities arising from sale and leaseback transactions, effective from January 1, 2024[23] - The amendments to Hong Kong Financial Reporting Standard No. 10 and Hong Kong Accounting Standard No. 28 address inconsistencies in the recognition of gains or losses on the sale or contribution of assets between an investor and its associates or joint ventures[24] - The amendments to Hong Kong Accounting Standard No. 7 require additional disclosures regarding supplier financing arrangements to assess their impact on liabilities and cash flows[25] - The amendments to Hong Kong Accounting Standard No. 21 specify when a currency is convertible and require disclosures to evaluate the impact of currency convertibility on financial performance and position[26] - The company anticipates that the application of the aforementioned amendments will not have a significant impact on its consolidated financial statements[27] Market Conditions and Future Outlook - The group anticipates ongoing economic uncertainty and a challenging construction market environment[37] - The company faces intense competition in the construction industry, which has weakened project profit margins due to sluggish economic growth and decreased demand for luxury materials[93] - The company’s hotel operations are significantly influenced by inbound tourists, particularly from mainland China, whose travel habits have shifted from overnight stays to day trips[89] - The potential supply of private housing land in Hong Kong for the 2023-2024 period is estimated to provide approximately 20,550 units, driven by government land sales and various development projects[92] - The International Air Transport Association (IATA) reported a 36.9% increase in total passenger volume in 2023 compared to 2022, indicating a recovery in the travel sector[90] - The government announced the expansion of the "Individual Visit" program to eight additional cities in mainland China, increasing the potential consumer base by over 33 million people[91] Employee and Operational Information - The group employed 157 staff as of March 31, 2024, an increase from 134 in 2023[113] - The company has a warranty period of one to two years for its projects, with retention money typically released after project completion[75] Cash Flow and Financing - The group has prepared cash flow forecasts for the next 18 months, indicating sufficient cash resources to meet future operational and financing needs[38] - As of March 31, 2024, the total bank financing obtained by the group amounted to HKD 225 million, with HKD 107 million remaining unused[41] - Total bank loans increased to HKD 118,035,000 in 2024 from HKD 113,406,000 in 2023, with a notable portion secured against commercial and hotel properties[81] - The company has a significant portion of its bank loans at floating rates, with actual rates of 5.48% and 6.24% for different loans[83] Legal and Compliance Matters - The company made a provision of HKD 3.8 million for a legal case, which included legal expenses, and reached a settlement of HKD 3.5 million[88] - The company has made provisions for a bank loan with a face value of HKD 35 million, classified as current liabilities as of March 31, 2024[88] Dividends and Shareholder Information - The company did not declare or pay any dividends for the year, consistent with the previous year[60] - The annual report for the year ending March 31, 2024, will be sent to shareholders and published on the company's website at an appropriate time[129]
茂盛控股(00022) - 2024 - 年度业绩