Financial Performance - The company reported a loss attributable to ordinary equity holders of HKD 32,092,000 for the year ended March 31, 2024, compared to a profit of HKD 4,967,000 in the previous year[28]. - The company recorded a loss attributable to equity holders of approximately HKD 32.3 million for the fiscal year 2023/2024, compared to a profit of HKD 5.0 million in the fiscal year 2022/2023[65]. - The company reported a loss before tax of HKD 33,459,000 compared to a profit of HKD 11,576,000 in the previous year[155]. - The gross profit for the fiscal year 2023/2024 was approximately HKD 18.3 million, down from HKD 41.5 million in the fiscal year 2022/2023, primarily due to additional subcontracting costs[36][38]. - Other income decreased by approximately 90.8% from HKD 13.0 million in the fiscal year 2022/23 to HKD 1.2 million in the fiscal year 2023/24, primarily due to a reduction in government subsidies[71]. - The company’s total interest income for the year was HKD (384,000), compared to HKD (100,000) in the previous year, reflecting a worsening in interest income[15]. Revenue and Growth - The total revenue from the construction services segment increased to HKD 39,738,000 in 2024, up from HKD 32,717,000 in 2023, representing a growth of approximately 21.5%[30]. - The revenue for the fiscal year 2023/2024 was approximately HKD 452.7 million, representing an increase of about 21.7% compared to HKD 372.1 million in the fiscal year 2022/2023[48]. - Total revenue for the year ended March 31, 2024, was HKD 452,666,000, an increase of 21.6% from HKD 372,086,000 in the previous year[155]. - The construction services segment generated revenue of HKD 452,263,000, while the trading and brokerage segment contributed HKD 403,000, indicating a significant reliance on construction services for overall revenue[163]. Assets and Liabilities - The company’s contract assets decreased to HKD 94,440,000 in 2024 from HKD 149,057,000 in 2023, indicating a decline of approximately 36.6%[28]. - The company’s total liabilities for the construction services segment were HKD 61,570,000 in 2024, down from HKD 84,370,000 in 2023, a reduction of approximately 27%[13]. - The total liabilities decreased to HKD 81,522,000 from HKD 91,754,000, reflecting a reduction of 11.5%[144]. - The group’s total assets were HKD 262,095,000 for the fiscal year 2024, down from HKD 280,686,000 in 2023[121]. - The company’s equity attributable to owners of the parent decreased to HKD 173,843,000 from HKD 206,109,000, a decrease of 15.6%[145]. Expenses and Impairments - The impairment loss on trade receivables for the construction services segment was HKD 13,934,000 in 2024, compared to HKD 687,000 in 2023, showing a significant increase in impairment[30]. - Trade receivables impairment loss increased to HKD 13,247,000 in 2024 from HKD 687,000 in 2023[123]. - Administrative expenses increased by approximately 40.1% from HKD 27.7 million in the fiscal year 2022/23 to HKD 38.8 million in the fiscal year 2023/24, mainly due to a one-time bonus of HKD 13.6 million paid to a project manager[71]. - The group recorded other losses of approximately HKD 14.0 million in the fiscal year 2023/24, compared to HKD 15.0 million in the fiscal year 2022/23, with significant impairment losses on trade receivables increasing to HKD 13.2 million[72]. Cash Flow and Financial Position - Cash and cash equivalents as of March 31, 2024, were approximately HKD 98.1 million, an increase from HKD 52.2 million as of March 31, 2023[56]. - The company’s cash and cash equivalents decreased to HKD 98,139,000 from HKD 149,057,000, a drop of 34.2%[155]. - The total non-current assets decreased to HKD 10,353,000 from HKD 13,894,000, a decline of 25.0%[155]. - The company maintained a capital debt ratio of zero as of March 31, 2024, indicating no bank or other borrowings[76]. Strategic Plans and Future Outlook - The company plans to enhance its technological innovation and R&D capabilities, focusing on smart building and construction digitalization technologies to improve construction efficiency and competitiveness[39]. - The company aims to diversify its business development opportunities, particularly in areas related to public welfare, to establish a solid foundation for sustainable operations[39]. - The company plans to continue expanding its construction services in both public and private sectors to drive future growth[134]. - The company is actively seeking additional business opportunities in trading and brokerage services in Hong Kong to broaden its revenue base[51]. Corporate Governance and Compliance - The company confirmed compliance with the standard code of conduct regarding transactions by all directors during the fiscal year 2023/24[97]. - The company maintained sufficient public float of its shares as required by the listing rules during the fiscal year 2023/24[98]. - The company has not granted any share options under the plan as of the date of this announcement[105]. Events and Changes - The company did not declare or propose any dividends for the years ended March 31, 2024, and 2023[26]. - The company did not declare any final dividend for the fiscal year 2023/2024, consistent with the previous fiscal year[37][65]. - There were no major acquisitions or disposals of subsidiaries or associates during the fiscal year 2023/24[93]. - No significant events occurred after March 31, 2024, up to the date of this announcement[91]. - The company will hold its annual general meeting on August 21, 2024, with a suspension of share transfer registration from August 16 to August 21, 2024[90].
银涛控股(01943) - 2024 - 年度业绩