Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 27,967,000, a decrease of 21.5% compared to HKD 35,490,000 in the previous year[6] - The gross profit for the same period was HKD 10,741,000, down 24.3% from HKD 14,235,000 year-on-year[6] - The operating loss increased to HKD 7,303,000 from HKD 2,768,000, reflecting a significant decline in profitability[6] - The net loss for the year was HKD 8,555,000, compared to a net loss of HKD 3,052,000 in the previous year, indicating a worsening financial position[6] - Basic and diluted loss per share was HKD 3.97, compared to HKD 1.42 in the previous year, representing a 179.6% increase in loss per share[6] - The group reported a pre-tax loss of HKD 8,555,000 for 2024, compared to a loss of HKD 3,052,000 in 2023[37] - Total comprehensive loss increased from approximately HKD 3.1 million for the year ended March 31, 2023, to approximately HKD 8.6 million for the year ended March 31, 2024, primarily due to the cumulative impact of the aforementioned items[70] Assets and Liabilities - Total assets decreased to HKD 36,354,000 from HKD 45,157,000, indicating a reduction in the company's asset base[7] - The company's cash and cash equivalents increased to HKD 15,621,000 from HKD 5,076,000, showing improved liquidity[7] - Current liabilities decreased to HKD 9,890,000 from HKD 11,259,000, reflecting a reduction in short-term obligations[7] - The group's total liabilities included lease liabilities interest of HKD 12,000 in 2024, down from HKD 22,000 in 2023[32] - The group's investment in an associate decreased to HKD 9,874,000 in 2024 from HKD 11,218,000 in 2023, reflecting a loss of HKD 1,344,000[39] - Contract assets decreased from HKD 18.238 million in 2023 to HKD 9.498 million in 2024, with an impairment loss provision of HKD 90, down from HKD 102[44] - Trade receivables decreased from HKD 12.222 million in 2023 to HKD 6.612 million in 2024, with an impairment loss provision of HKD 1.245 million[47] Revenue Sources - The group reported revenue from external customers of HKD 27,967 thousand in 2024, a decrease of 4.3% from HKD 35,490 thousand in 2023[20] - Major customer A contributed HKD 5,507 thousand in 2024, down from HKD 7,371 thousand in 2023, while major customer B generated HKD 5,303 thousand in 2024, which was not applicable in the previous year[21] - The group's revenue from mainland China was HKD 78 thousand in 2024, down from HKD 148 thousand in 2023, reflecting a decline in this market[20] - Revenue from interior design and execution services was HKD 27,894,000, down from HKD 35,445,000, representing a decline of 21.5%[24] - The group recognized revenue of approximately HKD 1,848,000 from performance obligations achieved in prior periods, significantly up from HKD 144,000 in 2023[24] Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial information presented in the report[4] - The company maintains high standards of corporate governance, which is deemed essential for sustainable growth[86] - The chairman and CEO roles are currently held by the same individual, which the board believes enhances consistent leadership and strategic planning efficiency[87] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[99] Market Strategy and Outlook - The company aims to maintain and strengthen its market position in Hong Kong, enhance brand awareness, and continue talent recruitment and internal training to support future growth[57] - The company will continue to monitor the market situation cautiously due to unpredictable global macroeconomic conditions, particularly geopolitical tensions and high interest rates[56] - The group anticipates that the cancellation of the MPF offsetting mechanism will not have a significant impact on its financial performance[13] - The group's financial position and operating performance are expected to remain stable, with no significant changes anticipated from the newly assessed accounting standards[15] Other Financial Information - The group has not applied new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and management expects no significant impact on financial performance[15] - The group has adopted revised accounting standards for the first time this year, which clarified the definition of significant accounting policy information[12] - The group’s financial statements are prepared based on historical cost, except for financial instruments measured at fair value at the end of each reporting period[16] - Other income significantly decreased from approximately HKD 1.36 million for the year ended March 31, 2023, to HKD 42,000 for the year ended March 31, 2024, primarily due to the absence of government subsidies received in the previous year[62] - Net other losses increased from approximately HKD 1.5 million for the year ended March 31, 2023, to approximately HKD 2.3 million for the year ended March 31, 2024, mainly due to an increase in fair value losses on financial assets[63] - Administrative expenses decreased by approximately HKD 1.1 million or 6.7%, from approximately HKD 16.9 million for the year ended March 31, 2023, to approximately HKD 15.8 million for the year ended March 31, 2024[64] Loans and Financing - The company has entered into a loan agreement to provide a loan of HKD 7.7 million, which is secured and interest-bearing, with repayment due within two years[54] - A loan agreement was established on May 20, 2024, where BTR (HK) Limited agreed to provide a loan of HKD 7,700,000 to Auto Cave Limited at an interest rate of 6.875%[93] - The loan represents approximately 69.24% of the value of pledged shares, indicating a significant collateral backing[95] - The interest income from the loan is expected to substantially exceed potential earnings from idle funds in fixed deposits[95] Dividend and Shareholder Information - The board does not recommend the payment of any dividend for the year ended March 31, 2024[82] - The annual report for 2023/2024 will be distributed to shareholders and published on the company's website[97] - The board expresses gratitude to the management team and employees for their hard work and contributions during the year[98]
客思控股(08173) - 2024 - 年度业绩