Financial Performance - Revenue for the year ended March 31, 2024, was approximately HKD 876.18 million, a decrease of 8.2% compared to HKD 954.26 million in the previous year[3] - Gross profit for the same period was approximately HKD 16.29 million, an increase of 88.5% from HKD 8.66 million in the previous year[3] - Loss attributable to owners of the company for the year was approximately HKD 15.20 million, compared to a loss of HKD 11.00 million in the previous year, representing a 38.6% increase in losses[3] - Basic loss per share was approximately HKD 3.8 cents, compared to HKD 2.8 cents in the previous year[3] - The company reported a basic loss per share of HKD 0.038 from a loss of HKD 11.0 million in 2023 to a loss of HKD 15.2 million in 2024, with the number of ordinary shares remaining at 400 million[19] - Other income for fiscal year 2024 decreased by approximately HKD 740 million to about HKD 3.5 million, primarily due to the absence of government subsidies from the "Employment Support Scheme" in Hong Kong[37] - The company recorded a pre-tax loss of approximately HKD 17.3 million in fiscal year 2024, compared to HKD 14 million in fiscal year 2023, resulting in a tax credit of about HKD 2.1 million[42] - The company reported a loss attributable to owners of approximately HKD 15.2 million in fiscal year 2024, compared to HKD 11 million in fiscal year 2023[43] Assets and Liabilities - Non-current assets decreased to HKD 57.96 million from HKD 75.09 million in the previous year, a decline of 22.6%[5] - Trade receivables increased significantly to HKD 145.78 million from HKD 67.15 million, marking a 117.0% increase[5] - Current liabilities rose to HKD 265.32 million from HKD 262.27 million, indicating a slight increase of 0.4%[5] - Total assets less current liabilities decreased to HKD 230.13 million from HKD 244.47 million, a decline of 5.9%[5] - Trade receivables increased to HKD 147.3 million in 2024 from HKD 67.7 million in 2023, with a significant portion (HKD 136.6 million) being within 30 days[21] - Contract assets decreased to HKD 226.1 million in 2024 from HKD 233.4 million in 2023, while contract liabilities significantly dropped to HKD 15.0 million from HKD 59.1 million[22] - As of March 31, 2024, the company's capital structure included equity of approximately HKD 228.9 million and bank borrowings of HKD 35 million[45] - The company maintained a cash balance of approximately HKD 44.6 million as of March 31, 2024, down from HKD 61.4 million in the previous year[46] - The current ratio as of March 31, 2024, was approximately 1.6 times, consistent with the previous year[47] - As of March 31, 2024, the total bank borrowings of the group amounted to HKD 35 million, compared to zero in 2023[48] - The capital debt ratio as of March 31, 2024, was approximately 15.3%, calculated based on the total bank borrowings divided by total equity, which was zero in 2023[49] - The net current assets of the group as of March 31, 2024, were approximately HKD 171.2 million, an increase from HKD 169.4 million in 2023[50] Revenue Breakdown - The revenue from the supply, installation, and maintenance of mechanical ventilation and air conditioning systems was HKD 597.1 million, down from HKD 740.6 million in the previous year, while revenue from low-voltage electrical systems increased to HKD 279.1 million from HKD 213.6 million[14] - The contribution of mechanical ventilation and air conditioning systems to revenue was approximately 68.1%, while low-voltage electrical systems contributed about 31.9% in fiscal year 2024, compared to 77.6% and 22.4% respectively in fiscal year 2023[30] - Major customers contributing over 10% of total revenue included Customer A with HKD 224.5 million and Customer B with HKD 145.8 million in 2024[17] Business Operations - The company is primarily engaged in providing electromechanical engineering services in Hong Kong[7] - The company primarily operates in Hong Kong, with all revenue generated from this region[16] - The company plans to diversify its business into other types of electromechanical engineering projects, including fire protection systems, water supply, and sewage systems[33] - The company secured five projects related to mechanical ventilation and air conditioning system installation in the fiscal year 2024, with a total contract value of approximately HKD 226.8 million, compared to three projects valued at HKD 185.5 million in the previous year[28] Capital Expenditure and Commitments - The capital expenditure for the fiscal year 2024 was approximately HKD 300,000, down from HKD 700,000 in 2023, primarily for the purchase of properties and equipment[51] - The group had capital commitments related to the purchase of properties and equipment amounting to approximately HKD 100,000 as of March 31, 2024, unchanged from 2023[56] Employee and Corporate Governance - The total number of employees as of March 31, 2024, was 202, an increase from 200 in 2023[57] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the fiscal year 2024[58] - The board did not recommend the payment of any final dividend for the year[67] - No dividends were declared for the fiscal year ending March 31, 2024, while a total of HKD 14 million was paid in dividends for the previous fiscal year[20] Performance Guarantees and Liabilities - As of March 31, 2024, the group had performance guarantees provided by banks amounting to approximately HKD 145.2 million, a decrease from HKD 178.9 million in 2023[53] - The group had no contingent liabilities as of March 31, 2024, and 2023[54]
顺兴集团控股(01637) - 2024 - 年度业绩