Financial Performance - For the fiscal year ending March 31, 2024, the company recorded revenue of approximately HKD 63.1 million, an increase of about 404.8% compared to HKD 12.5 million in 2023[9]. - Gross profit for the year increased by approximately 635.0% to about HKD 14.7 million, up from HKD 2.0 million in 2023[10]. - The company reported a loss of approximately HKD 38.6 million for the year, an increase of about HKD 9.6 million compared to a loss of HKD 29.0 million in 2023[11]. - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 63,120,000, a significant increase from HKD 12,509,000 in 2023, representing a growth of approximately 404%[41]. - The gross profit for the same period was HKD 14,745,000, up from HKD 1,989,000 in 2023, indicating an increase of about 641%[41]. - The company experienced a net loss of HKD 38,615,000 for continuing operations, compared to a loss of HKD 28,968,000 in the previous year, reflecting an increase in loss of approximately 33%[41]. - The company reported a loss of approximately HKD 38,615,000 for the year ending March 31, 2024, compared to a loss of HKD 11,759,000 in cash used for operating activities[74]. - The company’s basic and diluted loss per share from continuing operations was HKD 14.71 in 2024, compared to HKD 11.03 in 2023, reflecting an increase of approximately 33.5%[124]. Assets and Liabilities - As of March 31, 2024, the company's current liabilities exceeded current assets by approximately HKD 14.5 million, indicating significant uncertainty regarding the company's ability to continue as a going concern[6]. - The company's total bank borrowings amounted to approximately HKD 161.5 million as of March 31, 2024, down from HKD 169.8 million in 2023[15]. - The company's debt-to-asset ratio was approximately 115.8% as of March 31, 2024, compared to 96.0% in 2023[15]. - Total non-current assets decreased from HKD 184,903,000 in 2023 to HKD 145,563,000 in 2024, a decline of approximately 21.3%[68]. - Current assets increased from HKD 50,760,000 in 2023 to HKD 56,694,000 in 2024, representing an increase of about 11.5%[68]. - The company's total liabilities included current liabilities of HKD 14,504,000 and non-current liabilities of HKD 163,016,000 as of March 31, 2024[72]. - The company’s total equity showed a significant decline, with total equity at HKD (31,957,000) in 2024 compared to HKD 9,314,000 in 2023[72]. - Total liabilities from shareholders' advances rose to HKD 69,258,000 in 2024, up from HKD 47,276,000 in 2023, an increase of 46.6%[128]. Cash Flow and Financing - The company's cash and cash equivalents stood at approximately HKD 1.0 million as of March 31, 2024, compared to HKD 0.6 million in 2023[15]. - Cash and cash equivalents are primarily used for operating costs and capital expenditures, with current assets including bank cash, trade receivables, and inventory[47]. - The company has secured bank financing of HKD 27,097,000 for two years, expected to support future operational and capital expenditures[80]. - The company anticipates that shareholders will not demand repayment of approximately HKD 53,922,000 until sufficient liquidity is available[81]. Operational Highlights - The company plans to focus on domestic markets and continue exploring strategic partnerships within the industry value chain to expand its wood-related business[26]. - The board of directors will maintain the company's existing primary business in the procurement, manufacturing, and sales of wooden products while seeking new opportunities to enhance and solidify the business[27]. - The company aims to explore potential business developments, including capacity expansion and enhancing trade distribution channels, to recover business performance[31]. - The group has only one reportable operating segment, which is the wooden products business, focusing on procurement, manufacturing, and sales in mainland China[96]. Expenses and Losses - Administrative expenses rose by approximately HKD 2,800,000 to HKD 19,682,000, compared to HKD 16,937,000 in 2023, marking an increase of about 16.5%[46]. - Other losses increased by approximately HKD 2,253,000 to HKD 5,612,000, compared to HKD 3,359,000 in 2023, which is an increase of about 67%[46]. - The company reported a significant impairment loss of HKD 12,303,000 on non-current assets, which was not present in the previous year[46]. - Employee costs decreased to HKD 3,252 thousand in 2024 from HKD 3,945 thousand in 2023, reflecting a reduction of approximately 17.5%[115]. - The company recognized impairment losses of approximately HKD 11,363 thousand for property, plant, and equipment as of March 31, 2024[123]. Revenue Sources - The revenue from mainland China for the fiscal year ending March 31, 2024, was HKD 63,120,000, compared to HKD 12,509,000 in 2023, indicating a substantial increase in market presence[106]. - The group’s major customers contributed significantly to revenue, with Customer A generating HKD 27,446,000 in 2024, up from HKD 8,250,000 in 2023[99]. - The group’s rental income for the fiscal year 2024 was HKD 766,000, a decrease from HKD 2,661,000 in 2023, reflecting a decline in rental activities[110]. Accounting and Compliance - The group expects no significant impact on its consolidated financial statements from the newly issued or revised Hong Kong Financial Reporting Standards that are yet to take effect[90]. - The group applied the simplified approach under HKFRS 15 for sales contracts of wooden products with an original expected duration of one year or less[100]. - The group anticipates that the accounting treatment for the offsetting mechanism related to mandatory MPF contributions will not have a significant impact on its financial statements[88]. - The company has established an audit committee to oversee financial controls and risk management, ensuring compliance with GEM listing rules[52].
骏东控股(08277) - 2024 - 年度业绩