Financial Performance - Revenue for the year ended March 31, 2024, was HKD 654,452,000, an increase from HKD 624,187,000 in the previous year, representing a growth of approximately 4.05%[29] - The gross loss for the year was HKD (118,255,000), compared to a gross loss of HKD (31,593,000) in the previous year, indicating a significant increase in losses[29] - The net loss for the year was HKD (190,198,000), up from HKD (112,222,000) in the previous year, reflecting a year-over-year increase of approximately 69.5%[29] - Administrative expenses and financial costs totaled HKD (54,804,000) and HKD (17,381,000) respectively, compared to HKD (41,299,000) and HKD (9,222,000) in the previous year, showing an increase in both categories[29] - The company reported a basic loss per share of HKD (8.31), compared to HKD (6.44) in the previous year, reflecting a worsening in per-share performance[44] - The company’s cash and cash equivalents decreased to HKD 26,535,000 from HKD 47,624,000, indicating a decline in liquidity[45] - The company’s total assets decreased from HKD 771,457,000 to HKD 593,764,000, reflecting a reduction in overall asset base[45] - The company has recognized a provision for litigation amounting to HKD (7,200,000) during the year, which was not present in the previous year[29] - The construction segment reported a loss of HKD 104,932,000 for the year ended March 31, 2024, compared to a loss of HKD 85,617,000 in the previous year, indicating a worsening performance[58] - The group reported a loss of HKD 155,403,000 for the year ended March 31, 2024, compared to a loss of HKD 111,719,000 in the previous year, reflecting increased financial challenges[64] Employee and Operational Costs - The total employee cost for the group during the reporting year was approximately HKD 92.8 million, an increase from HKD 90 million in 2023[22] - The group employed a total of 100 employees as of March 31, 2024, including 94 full-time and 6 temporary staff[22] - Administrative expenses increased by approximately HKD 13.5 million to HKD 54.8 million, primarily due to a rise in employee costs[94] Assets and Liabilities - The company's net asset value decreased to HKD 133,600,000 from HKD 339,656,000 in the previous year, a decline of approximately 60.7%[37] - Total liabilities decreased significantly from HKD 26,021,000 to HKD 932,000, indicating a reduction in non-current liabilities[37] - The company's current assets net value as of March 31, 2024, was approximately HKD 77.6 million, down from HKD 282.6 million in the previous year[96] - The debt-to-equity ratio as of March 31, 2024, was approximately 73.3%, up from 54.8% in 2023[124] Revenue Sources and Contracts - The group secured new engineering and pipeline contracts in Malaysia with a total value of approximately HKD 187,800,000 during the fiscal year[69] - The group’s engineering contract revenue in mainland China, the Philippines, and Malaysia amounted to HKD 320,000,000, with a total profit of HKD 11,000,000 during the reporting year[69] - Revenue from private projects in Hong Kong amounted to approximately HKD 9.3 million, with a gross profit of about HKD 0.3 million[90] - Revenue from road engineering contracts decreased by 52.6% to HKD 111.2 million from HKD 234.8 million in the previous year[109] - The company experienced a significant increase in construction contract revenue in Malaysia and the Philippines, totaling approximately HKD 234.7 million[110] Financial Policies and Risks - The group’s financial policy is conservative, with a focus on maintaining sufficient cash reserves and obtaining adequate committed loans from major banks[20] - The group has not held any significant investments amounting to 5% or more of total assets as of March 31, 2024[21] - The group has no major capital commitments as of March 31, 2024[120] - The group has no future plans for significant investments or capital assets[125] Other Financial Aspects - Bank interest income increased to HKD 644,000 in 2024 from HKD 133,000 in 2023, showing a significant improvement in financial income[59] - Financial costs for bank borrowings increased to HKD 16,969,000 in 2024 from HKD 11,609,000 in 2023, indicating rising interest expenses[59] - The group recorded a foreign exchange loss of HKD 5.7 million this fiscal year, compared to a loss of HKD 15.1 million in the previous fiscal year[123] - Other comprehensive expenses for the reporting year were approximately HKD 15.9 million, unchanged from 2023, with a fair value loss of HKD 10.1 million recorded this fiscal year compared to HKD 0.9 million in the previous year[123] Strategic Decisions and Future Outlook - The group is actively seeking opportunities in the construction markets of Malaysia and mainland China to mitigate losses from underperforming contracts[69] - The group incurred a strategic decision to liquidate investments in the Philippines, resulting in a loss of HKD 50.8 million from the sale of a development property[84] - The group is currently evaluating the impact of recently announced amendments to Hong Kong Financial Reporting Standards, expecting no significant effect on consolidated financial statements[73] - The group faced significant operational disruptions due to the ongoing impact of the COVID-19 pandemic, particularly in the civil engineering construction segment[83] Tax and Compliance - The group reported a tax expense of HKD 6.614 million for the current year, compared to HKD 128,000 in the previous year[78] - There were no significant contingent liabilities as of March 31, 2024, consistent with the previous year[19] - The group has maintained the minimum public float required by the listing rules as of the announcement date[13] - The group has not made any adjustments to the consolidated financial statements for prior years during the reporting year[23] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting year[126]
均安控股(01559) - 2024 - 年度业绩