Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was HKD 864,305,000, a decrease of 54.4% compared to HKD 1,888,298,000 in the previous year[4] - The gross profit for the same period was HKD 12,033,000, down 37.0% from HKD 19,108,000 in the prior year[4] - The operating loss for the fiscal year was HKD 29,595,000, compared to an operating profit of HKD 4,000,000 in the previous year[4] - The net loss attributable to the owners of the company was HKD 30,782,000, a significant decline from a profit of HKD 1,842,000 in the previous year[5] - The basic and diluted loss per share for the year was HKD 0.146, compared to earnings of HKD 0.009 per share in the prior year[5] - The company reported a total comprehensive loss of HKD 57,692,000 for the year, compared to a total comprehensive loss of HKD 37,952,000 in the previous year[7] - The reported profit for 2024 is HKD 11,453,000, a decline of 36.4% compared to HKD 17,927,000 in 2023[28] - The company recorded a net loss of approximately HKD 31,181,000 for the year, compared to a profit of about HKD 1,337,000 in the previous year, marking a decline of approximately 2432%[59] Revenue Breakdown - Revenue from the procurement and sale of metal minerals and related industrial materials is HKD 731,918,000, down 58.7% from HKD 1,768,648,000 in the previous year[30] - Revenue from the production and sale of industrial products increased to HKD 132,387,000, up 10.5% from HKD 119,650,000 in 2023[30] - Revenue from external customers in China (excluding Hong Kong) decreased to HKD 864,305,000 in 2024 from HKD 1,888,298,000 in 2023, representing a decline of approximately 54.4%[32] - Major customer A's revenue dropped to HKD 731,918,000 in 2024 from HKD 1,711,173,000 in 2023, a decrease of about 57.3%[33] Assets and Liabilities - Total assets decreased to HKD 495,865,000 from HKD 1,759,370,000, reflecting a significant reduction in current assets[9] - Total assets for 2024 amount to HKD 560,355,000, down 68.9% from HKD 1,805,176,000 in 2023[28] - Total liabilities for 2024 are HKD 133,975,000, a decrease of 89.9% from HKD 1,321,104,000 in 2023[29] - Trade receivables decreased to HKD 207,278,000 in 2024 from HKD 1,386,755,000 in 2023, a decline of approximately 85.0%[45] - Trade payables as of March 31, 2024, were approximately HKD 74,145,000, down from HKD 1,280,023,000 in the previous year[61] - Current assets decreased to approximately HKD 495,865,000 from HKD 1,759,370,000 year-on-year[61] Expenses and Income - The company incurred employee benefits expenses of HKD 20,962,000 in 2024, down from HKD 22,646,000 in 2023, a decrease of about 7.4%[37] - Total other income increased to HKD 3,169,000 in 2024 from HKD 2,185,000 in 2023, marking an increase of approximately 45.0%[34] - Interest income from bank deposits was HKD 25,000 in 2024, compared to no income in 2023, indicating a new revenue stream[34] - The company’s administrative expenses decreased by about 8%, from approximately HKD 14,816,000 to HKD 13,620,000[54] Credit and Provisions - The company recognized a provision for expected credit losses of HKD 35,280,000 in 2024, compared to HKD 3,103,000 in 2023, reflecting a substantial increase in credit risk[45] - The company recorded a provision for expected credit losses of approximately HKD 32,615,000, significantly higher than HKD 1,782,000 in the previous year[56] Dividends and Shareholder Returns - The company did not declare or recommend any dividends for the year ending March 31, 2024, consistent with the previous year[40] - The board decided not to declare a final dividend for the year ending March 31, 2024, consistent with the previous year[73] Operational Insights - The company continues to explore fundraising activities to support ongoing operations and business expansion[62] - The global manganese ore production did not grow over the past year, leading to a supply surplus in the manganese market, particularly affecting the steel industry in 2023[71] - The demand for batteries, particularly lithium-ion batteries, is increasing due to the rise of electronic devices and electric vehicles, positively impacting the group's business in metal mineral procurement and sales[71] - The group remains cautiously optimistic about manganese demand recovery due to consumption stimulus measures announced by the National Development and Reform Commission in 2023, focusing on automobiles and electronics[71] Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ending March 31, 2024, prior to board approval[78] - The company did not purchase, sell, or redeem any of its listed securities during the year ending March 31, 2024[79] - The group reported no significant contingent liabilities as of March 31, 2024, consistent with the previous year[67] - The group has not experienced any significant adverse changes in financial or operational conditions since the reporting period[68] Employment and Workforce - The total number of employees and directors increased to approximately 132 as of March 31, 2024, up from 122 in 2023, with employee costs around HKD 20,962,000, down from HKD 22,646,000 in 2023[70]
新源万恒控股(02326) - 2024 - 年度业绩