Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of HKD 148.422 million, a significant increase from HKD 89.321 million in the previous year, representing a growth of approximately 66%[4] - The gross profit for the year was HKD 8.864 million, compared to a gross loss of HKD 10.952 million in the previous year, indicating a turnaround in profitability[4] - The company recorded a profit attributable to owners of HKD 600.692 million, a substantial improvement from a loss of HKD 510.242 million in the prior year[6] - Basic earnings per share from continuing operations were HKD 0.10, recovering from a loss of HKD 5.63 in the previous year[6] - The total comprehensive income for the year was HKD 582.997 million, compared to a loss of HKD 528.727 million in the previous year, reflecting a positive shift in overall financial performance[8] - The company reported external sales of HKD 148,422,000 for the year 2024, a significant increase from HKD 89,321,000 in 2023, representing a growth of 66%[28] - The company's operating loss for the year 2024 was HKD 3,070,000, compared to a much larger loss of HKD 91,919,000 in 2023, indicating an improvement in financial performance[28] - Revenue from the Asia region reached HKD 105,435,000 in 2024, up from HKD 60,479,000 in 2023, marking a growth of 74%[29] - The total income from continuing operations for 2024 was HKD 65,007,000, a substantial increase from HKD 11,464,000 in 2023[31] Assets and Liabilities - The company’s non-current assets decreased to HKD 95.337 million from HKD 146.449 million year-over-year, primarily due to changes in property and equipment[10] - Current assets increased significantly to HKD 87.073 million from HKD 53.885 million, driven by a rise in trade receivables[10] - Current liabilities decreased slightly to HKD 256.444 million from HKD 252.216 million, indicating improved liquidity management[10] - The group has outstanding bank loans of approximately HKD 47,528,000 that were due as of March 31, 2024, which remain unpaid[16] - The group's office and investment properties are valued at approximately HKD 120,000,000, which may assist in negotiating loan repayment extensions with banks[17] - Trade payables as of March 31, 2024, are approximately HKD 29,207,000, with plans to negotiate extended repayment terms[20] - The total liabilities included shareholder loans amounting to 38,052,000 HKD in 2024, down from 85,553,000 HKD in 2023[56] - The net liabilities associated with the assets classified as held for sale amount to HKD 1,900,203, while the assets held for sale are valued at HKD 82,954[37] Strategic Direction - The company has terminated its manufacturing business as noted in the financial statements, which may impact future operational strategies[13] - The company plans to focus on the design, manufacturing, and sales of consumer electronic products, including audio products and laptops, as part of its strategic direction moving forward[13] - The group is implementing measures to simplify its product portfolio and production model to enhance cash flow and control costs[21] - The board anticipates an increase in sales volume for laptop products in the coming months compared to the same period last year[21] - The company plans to continue focusing on the design and sales of consumer electronics, including audio and video products, and laptops, as part of its ongoing business strategy[27] - The group aims to explore business collaboration opportunities, including strategic partnerships and product diversification, to enhance competitiveness[67] Financial Challenges - The group reported a loss of approximately HKD 3,070,000 for the year ended March 31, 2024, indicating ongoing financial challenges[76] - As of March 31, 2024, the group's current liabilities net amount was approximately HKD 169,371,000, raising concerns about liquidity[76] - The group failed to repay bank loans totaling approximately HKD 47,528,000 by the due date, which could trigger immediate repayment demands from banks[76] - Cash and bank balances as of March 31, 2024, were only about HKD 23,855,000, highlighting severe cash flow issues[76] - The independent auditor expressed a lack of sufficient appropriate audit evidence to support the group's ability to continue as a going concern[78] - The group is facing significant uncertainties that may impact its ability to continue operations, as highlighted in the auditor's report[76] Impairments and Losses - The company has recognized a loss of HKD 594,842 from discontinued operations for the year ended March 31, 2024[38] - The company reported a net loss from investment properties of HKD 6,887,000 in 2024, compared to a loss of HKD 2,631,000 in 2023[31] - The company has reported a significant impairment loss of HKD 271,588 related to inventory for the year ended March 31, 2023[38] - The company has recognized impairment losses of approximately 3,043,000 HKD for property, plant, and equipment as of March 31, 2023[51] Dividends and Shareholder Information - The company has not declared or proposed any dividends for the years ended March 31, 2024, and March 31, 2023[50] - The company does not recommend the payment of a final dividend for the year ended March 31, 2024, consistent with the previous year[59] Future Outlook - The group expects to have sufficient operating funds to meet its needs for the fiscal year ending March 31, 2025, provided it can execute its plans[21] - The board believes that with the planned measures, the company will have sufficient working capital to meet its needs until March 31, 2025[91] - The effectiveness of the financial statements prepared on a going concern basis depends on the success of the plans and measures outlined[77]
ALCO HOLD-NEW(00328) - 2024 - 年度业绩