Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 198,537,000, an increase of 12.0% compared to HKD 176,807,000 for the fiscal year ending March 31, 2023[3] - The net loss from continuing operations for the fiscal year was HKD 60,985,000, compared to a loss of HKD 45,959,000 in the previous year, representing a 32.8% increase in losses[4] - The basic loss per share from continuing operations increased to HKD 8.59 from HKD 6.48, indicating a worsening financial performance[4] - For the year ending March 31, 2024, total revenue from continuing operations was HKD 22,573 million, a decrease from HKD 26,036 million in the previous year, representing a decline of approximately 13.5%[25][26] - The pre-tax loss for the year ending March 31, 2024, was HKD 76,797 million, compared to a pre-tax loss of HKD 68,694 million for the previous year, indicating a worsening of approximately 11.5%[25][26] - The company reported a loss of approximately HKD 76,797,000 for the fiscal year 2024, compared to a loss of HKD 68,694,000 in the fiscal year 2023[69] Assets and Liabilities - The total assets decreased to HKD 660,924,000 from HKD 790,015,000, reflecting a decline of 16.4% year-over-year[6] - The total liabilities decreased to HKD 289,496,000 from HKD 345,850,000, a reduction of 16.3%[8] - The company’s non-current assets decreased to HKD 446,808,000 from HKD 485,122,000, a decline of 7.9%[6] - The total assets as of March 31, 2024, amounted to HKD 660,924 million, an increase from HKD 790,015 million as of March 31, 2023, reflecting a decrease of about 16.3%[28] - The total liabilities as of March 31, 2024, were HKD 326,356 million, down from HKD 378,883 million in the previous year, showing a reduction of approximately 13.9%[28] Cash Flow and Financing - The cash and cash equivalents dropped significantly to HKD 18,218,000 from HKD 62,568,000, a decrease of 70.9%[6] - The group expects to generate sufficient cash flow to repay liabilities due within the next 12 months[14] - The group plans to issue new shares and has the capability to obtain new financing to renew existing credit facilities or refinance as needed[14] - The group has approximately HKD 22,799,000 in unused bank financing as of March 31, 2024[114] Credit Losses and Risks - The company recognized expected credit losses of HKD 4,214,000 on loans, significantly higher than HKD 205,000 in the previous year[4] - The company recorded expected credit losses of HKD 4,214 million for loans receivable, indicating a significant risk in its lending portfolio[30] - The expected credit loss provision for receivables was HKD 1,394,000, impacting the net accounts receivable balance[56] Discontinued Operations - The financing services segment, including the sale of Longxiong Group Limited, is classified as discontinued operations for the year ending March 31, 2024[23] - For the year ended March 31, 2024, the revenue from discontinued operations was HKD 7,127,000, down from HKD 10,850,000 in the previous year, representing a decrease of 34.5%[38] - The pre-tax loss from discontinued operations for the year was HKD 15,812,000, compared to HKD 22,735,000 in the previous year, indicating an improvement of 30.5%[38] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules, except for one independent non-executive director's absence at a special general meeting[124] - The independent auditor's report emphasized a significant uncertainty regarding the group's ability to continue as a going concern due to its financial losses and liabilities[130] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development to improve future performance[30] - The company plans to focus on its mortgage financing business, aligning with its long-term strategy following the potential sale of Chang Hung Group[37] Employee and Operational Insights - The group had a total of 62 employees as of March 31, 2024, with compensation packages reviewed regularly based on market norms and individual performance[120] - The group has implemented effective internal control procedures for its operations, ensuring compliance with the Securities and Futures Ordinance[108] Market Environment - The market environment remains challenging due to geopolitical tensions and high interest rates, prompting the company to adopt a cautious approach towards new investment opportunities[92] - The average daily trading volume in the securities market for fiscal year 2024 was approximately HKD 99 billion, a decrease of 22% compared to the previous fiscal year[71]
STYLAND HOLD(00211) - 2024 - 年度业绩