Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 69,849,000, a decrease of about HKD 8,588,000 or 10.9% compared to the fiscal year ending March 31, 2023[6]. - The company reported a total comprehensive loss attributable to owners of the company of approximately HKD 4,684,000 for the fiscal year ending March 31, 2024, compared to a loss of approximately HKD 6,008,000 for the fiscal year ending March 31, 2023[6]. - The gross profit for the fiscal year ending March 31, 2024, was HKD 14,485,000, down from HKD 24,338,000 in the previous year, indicating a decline in profitability[8]. - The operating loss for the fiscal year ending March 31, 2024, was HKD 4,056,000, compared to an operating loss of HKD 5,454,000 for the fiscal year ending March 31, 2023[8]. - The company incurred a loss before tax of HKD 4,565,000 for the fiscal year ending March 31, 2024, an improvement from a loss of HKD 6,008,000 in the previous year[8]. - The basic and diluted loss per share for the fiscal year ending March 31, 2024, was HKD 0.02, compared to HKD 0.03 for the fiscal year ending March 31, 2023[8]. - The company reported a revenue of HKD 69,849,000 for 2024, compared to HKD 78,437,000 in 2023, indicating a decline of approximately 11.5%[32]. - The pre-tax loss for the group was HKD 55,364,000 in 2024, slightly up from HKD 54,099,000 in 2023, showing a marginal increase of about 2.3%[35]. - The total employee benefits cost decreased to HKD 5,613,000 in 2024 from HKD 11,469,000 in 2023, a reduction of approximately 51%[35]. - The company reported a loss of HKD 3,611,000 from the sale of a subsidiary in 2024[33]. Assets and Liabilities - As of March 31, 2024, the company reported a net loss of approximately HKD 4,684,000[15]. - The total assets amounted to HKD 5,765,000, while total liabilities were HKD 42,611,000[15]. - Cash and bank balances stood at HKD 4,370,000, a significant increase from HKD 1,373,000 in the previous year[15]. - Trade receivables increased to HKD 38,847,000 from HKD 21,894,000, reflecting a growth of approximately 77%[15]. - The company's current liabilities totaled HKD 42,611,000, compared to HKD 22,970,000 in the previous year, indicating a rise of about 86%[15]. - Non-current assets decreased to HKD 2,879,000 from HKD 4,429,000, a decline of approximately 35%[15]. - The company's equity attributable to owners was HKD 5,765,000, down from HKD 10,449,000, representing a decrease of about 45%[15]. - Inventory levels decreased significantly to HKD 878,000 from HKD 3,863,000, a reduction of approximately 77%[15]. - The company has a total of HKD 11,727,000 in other borrowings, unchanged from the previous year[15]. - The current ratio decreased to 1.1 as of March 31, 2024, down from 1.3 on March 31, 2023[67]. - The debt-to-equity ratio increased to approximately 1.9 as of March 31, 2024, compared to 1.1 on March 31, 2023[67]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of any dividends for the fiscal years ending March 31, 2024, and 2023[6]. - The company has no declared or paid dividends for the years ending 2024 and 2023[50]. - The company has not repurchased any of its listed securities during the fiscal year 2024[92]. Accounting Standards and Compliance - The group has adopted new Hong Kong Financial Reporting Standards effective from April 1, 2023, which do not have a significant impact on the financial position and performance for the current and prior years[18]. - The group has implemented Hong Kong Accounting Standard No. 1 and the revised Practice Note No. 2, which replaces "major accounting policies" with "significant accounting policy information"[19]. - The revised Practice Note clarifies that even if items are not significant, the nature of related transactions may still render accounting policy information significant[20]. - The new guidelines regarding the removal of the offset mechanism for mandatory provident funds and long service payments will take effect on May 1, 2025, impacting how employers account for these payments[21]. - The group has not adopted any new financial reporting standards that have been issued but are not yet effective as of April 1, 2023[23]. - The group’s financial statements for the year ending March 31, 2024, have been reviewed and deemed compliant with applicable accounting standards and GEM listing regulations[100]. Business Operations and Strategy - The group operates a single business segment focused on the sale of infant and children's clothing through retail stores and wholesale channels[26]. - The group plans to explore various suitable investment opportunities to diversify its business and enhance overall business development for better financial returns to shareholders[65]. - The group has implemented strategic measures to adjust its product mix to align with customer preferences and respond to market trends[64]. - The group anticipates that business performance will improve in the fiscal year 2024/2025 as the local economy begins to recover from COVID-19[65]. - The company is reviewing its existing asset structure and business strategies to adapt to future uncertainties[63]. Employee and Governance - The company employed approximately 34 employees in Hong Kong as of March 31, 2024, a decrease from 46 employees in 2023[88]. - The company has complied with all corporate governance codes during the review period[93]. - The company has maintained a sufficient public float of at least 25% of its issued shares, in compliance with GEM listing rules[94]. - The Audit Committee has been established and consists of three independent non-executive directors, ensuring compliance with GEM listing rules and corporate governance standards[98].
民信国际控股(08456) - 2024 - 年度业绩