Financial Performance - The total gross loss for the year was approximately HKD 9,700,000, compared to a gross profit of approximately HKD 25,300,000 in the previous year, resulting in a gross margin of -11.5% versus +10.4%[7] - The total comprehensive loss for the year amounted to HKD 89,644,000, compared to HKD 15,270,000 in the previous year[22] - The basic loss per share was HKD 4.32, compared to HKD 0.64 in the previous year, reflecting a substantial increase in losses per share[22] - Revenue for 2024 was HKD 84,555 thousand, a decrease from HKD 244,346 thousand in 2023, indicating a decline of approximately 65.4%[49] - Gross loss for 2024 was HKD (9,716) thousand compared to a gross profit of HKD 25,307 thousand in 2023[49] - The total loss for the year was HKD (85,681) thousand, significantly higher than the loss of HKD (12,903) thousand in 2023[49] - The company reported a pre-tax loss of HKD (84,424) thousand in 2024 compared to a pre-tax loss of HKD (14,970) thousand in 2023[49] - The company reported a pre-tax loss of HKD 94,271,000 for the year ending March 31, 2024, compared to a loss of HKD 219,039,000 for the previous year, indicating a significant improvement[101] Revenue and Business Operations - The company did not record any revenue from aluminum trading during the year, while the previous year had no such revenue as well[7] - The company plans to continue reviewing its existing business model and seek appropriate opportunities to improve its aluminum trading business[7] - For the fiscal year ending March 31, 2024, total revenue from construction projects was HKD 81,107,000, while loan interest income was HKD 3,448,000, resulting in a total of HKD 84,555,000[67] - The construction business contributed approximately HKD 81,100,000 to revenue, down from HKD 240,500,000 in the previous year[142] - The company’s loan segment revenue decreased significantly from HKD 244,346,000 in 2023 to HKD 84,555,000 in 2024[69] - The company reported a decrease in revenue from major customer A from HKD 240,520,000 in 2023 to HKD 81,107,000 in 2024[70] Assets and Liabilities - Non-current liabilities decreased from HKD 5,103,000 in the previous year to HKD 2,898,000 this year, indicating a significant reduction in long-term debt[28] - The total equity attributable to equity holders of the company decreased from HKD 282,503,000 to HKD 192,859,000, indicating a decline in shareholder equity[28] - Total non-current assets decreased from HKD 64,594 thousand in 2023 to HKD 41,696 thousand in 2024, a reduction of approximately 35.4%[51] - Current liabilities rose significantly, with trade payables increasing from HKD 11,392 thousand in 2023 to HKD 61,875 thousand in 2024, a rise of approximately 442.5%[51] - The total assets minus current liabilities decreased from HKD 287,606 thousand in 2023 to HKD 195,757 thousand in 2024, a decrease of approximately 31.9%[51] - The group reported a total debt of HKD 126,716 thousand, with segment liabilities from construction projects at HKD 117,123 thousand[91] Cash Flow and Financial Position - As of March 31, 2024, the group's cash and bank balance is approximately HKD 4,400,000, down from HKD 20,700,000 in 2023[164] - The group's net asset value as of March 31, 2024, is approximately HKD 192,900,000, a decrease from HKD 282,500,000 in 2023[164] - The capital debt ratio as of March 31, 2024, is approximately 0.06, compared to 0.05 in 2023[164] - Total bank and other borrowings amount to approximately HKD 12,000,000 as of March 31, 2024, down from HKD 13,700,000 in 2023[164] - The company’s cash and cash equivalents are primarily held in HKD, MOP, and USD, with no use of financial instruments to hedge foreign exchange risks during the fiscal year[145] Operational Challenges - The company has incurred unexpected costs due to additional manpower and subcontractor resources allocated to expedite contract progress, contributing to the gross loss[7] - The company faced substantial impacts due to rising costs and a lack of viable projects, particularly in the construction sector, which has not shown significant recovery[118] - The group continues to face uncertainties and difficulties in financing, cost estimation management, and bidding due to the high interest rate environment[162] - The company has maintained strict monitoring of overdue balances to minimize credit risk, with senior management regularly reviewing the situation[107] Future Outlook - The company will continue to assess market opportunities for expansion and new product development[7] - The company anticipates gradual economic growth in the Macau and Hong Kong markets, despite challenges in the property sector[118] - The group has engaged in discussions for multiple potential projects in Macau and Hong Kong to create value in the coming years despite a challenging business environment[162] - The group maintains a strategy to develop its market position in Macau and Hong Kong despite adverse market conditions and high interest rates[163]
志道国际(01220) - 2024 - 年度业绩