Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 157,197,000, a decrease of 15% compared to HKD 184,904,000 for the fiscal year ending March 31, 2023[4] - The gross profit for the fiscal year 2024 was HKD 17,995,000, down 19% from HKD 22,357,000 in the previous year[4] - The operating loss for the fiscal year 2024 was HKD 4,395,000, compared to an operating profit of HKD 3,042,000 in fiscal year 2023[4] - The net loss attributable to owners of the company for the fiscal year 2024 was HKD 4,118,000, compared to a net loss of HKD 21,707,000 in fiscal year 2023[5] - The company reported total comprehensive loss of HKD 5,005,000 for the fiscal year 2024, compared to a total comprehensive loss of HKD 24,431,000 in the previous year[5] - The basic and diluted loss per share from continuing operations was HKD 0.5 for fiscal year 2024, compared to a loss of HKD 2.8 in fiscal year 2023[5] Assets and Liabilities - Total assets decreased from HKD 170,654 million in 2023 to HKD 160,488 million in 2024, a decline of approximately 6.9%[6] - Current assets decreased from HKD 148,488 million in 2023 to HKD 131,765 million in 2024, representing a decrease of about 11.3%[6] - Cash and cash equivalents decreased from HKD 79,386 million in 2023 to HKD 63,556 million in 2024, a reduction of approximately 19.9%[6] - Trade and other receivables increased from HKD 12,054 million in 2023 to HKD 20,099 million in 2024, an increase of about 66.7%[6] - Total liabilities decreased from HKD 18,842 million in 2023 to HKD 27,903 million in 2024, an increase of approximately 48.0%[7] - Non-current liabilities increased from HKD 518 million in 2023 to HKD 9,135 million in 2024, a significant increase of about 1,661.2%[7] - Total equity decreased from HKD 170,098 million in 2023 to HKD 159,969 million in 2024, a decline of approximately 5.9%[7] Operational Changes - The company did not report any new product launches or technological advancements during the fiscal year[4] - There were no significant market expansions or acquisitions mentioned in the earnings call[4] - The company is currently focusing on restructuring and cost management strategies to improve financial performance[4] - Future outlook remains cautious due to market conditions and previous financial performance[4] Discontinued Operations - HY China has voluntarily entered liquidation as of January 18, 2023, with Tracy Cook and Janette Tsang appointed as joint liquidators[13] - The group ceased operations on February 24, 2023, following the liquidation decision[13] - For the financial year ending March 31, 2023, the group reported a loss of HKD 21,161,000 from discontinued operations[14] - The total loss related to the cancellation of consolidation for subsidiaries amounted to HKD 27,001,000[14] Revenue Breakdown - Revenue from steel and metal engineering services for the year 2024 was HKD 321,723,000, compared to HKD 243,506,000 in 2023, representing a significant increase[23] - Total revenue from the sale of steel and metal products was HKD 19,648,000 in 2024, up from HKD 21,997,000 in 2023[20] - Revenue from Hong Kong operations was HKD 157,165,000 in 2024, down from HKD 182,998,000 in 2023[25] - The group’s total revenue from China operations was HKD 32,000 in 2024, a decrease from HKD 1,906,000 in 2023[25] Taxation - The effective tax rate for the company's subsidiaries in China is 25%, while in Hong Kong, profits are taxed at 8.25% for the first HKD 2,000,000 and 16.5% thereafter[35] - The company incurred a tax expense of HKD 1,549,000 for Hong Kong profits tax and HKD 1,326,000 for Chinese corporate income tax during the reporting period[34] Shareholder Information - The company does not recommend the payment of any final dividend for the year ended March 31, 2024, consistent with the previous year[37] - The annual general meeting is scheduled for August 30, 2024, in Hong Kong, with a suspension of share registration from August 27 to August 30, 2024, to determine voting rights[107] Audit and Compliance - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ending March 31, 2024[52] - The consolidated financial statements for the year ending March 31, 2024, have been reviewed by the audit committee and approved by the auditors, confirming the accuracy of the financial data[103] Future Outlook - The board remains confident in the future, anticipating continued government support for public housing construction in Hong Kong[62] - The estimated timeline for the remaining proceeds utilization is subject to change based on future developments and market conditions[90]
恒益控股(01894) - 2024 - 年度业绩