Financial Performance - The group recorded total revenue of approximately HKD 45.8 million, an increase of 4.9% compared to the previous fiscal year[30]. - The net loss for the year was approximately HKD 6.0 million, an increase of about 2,264.7% compared to the previous fiscal year[30]. - Revenue from tutoring services slightly decreased to approximately HKD 36.2 million, a decrease of 6.0% compared to the previous fiscal year[20]. - The group’s management service income for the year was HKD 38.56 million, a decrease from HKD 49.79 million in the previous year[16]. - Total comprehensive income for the year ending March 31, 2024, was HKD 38,430,000, compared to HKD 41,815,000 in 2023, showing a decrease of approximately 8.5%[54]. - The company reported a total loss of HKD 7,112,000 for the year ending March 31, 2024, compared to a loss of HKD 7,191,000 for the previous year, indicating a slight improvement[54]. - The company reported a loss attributable to owners of HKD 6,400,000 for the year 2024, compared to a loss of HKD 250,000 in 2023[71]. - The group reported a loss of approximately HKD 6.0 million for the year ending March 31, 2024, compared to a loss of approximately HKD 0.3 million for the previous year[113]. - Total revenue for the year 2024 was HKD 45,793,000, up from HKD 43,662,000 in 2023[86]. Government Support - The group received government subsidies of approximately HKD 1,431,000 under the "Employment Support Scheme" to retain employees[4]. - The company received government subsidies totaling HKD 720,000 during the June to August 2022 period, aimed at providing financial support[66]. Employee Expenses - The group’s employee benefit expenses increased to HKD 35.83 million from HKD 30.92 million in the previous year[31]. - Employee benefits expenses, including salaries and allowances, rose to HKD 33,710,000 in 2024 from HKD 30,010,000 in 2023, an increase of about 8.9%[68]. - The group’s employee benefits expenses increased by 15.9% to approximately HKD 35.8 million, driven by an increase in the number of employees[111]. Business Development - The group plans to engage in new business involving automatic parking systems and related services in China[10]. - The group is actively seeking new business opportunities to diversify its revenue sources due to the challenging outlook for the tutoring market in Hong Kong[108]. Share and Capital Management - The net proceeds from a share placement amounted to approximately HKD 4,299,000, which will be used for general working capital[8]. - The group intends to implement a share consolidation and rights issue to raise approximately HKD 15.8 million[26]. - The company issued 151,320,000 shares at a price of HKD 0.034 per share, raising approximately HKD 5,119,000 for general working capital[78]. - The net proceeds from the placement of 151,320,000 shares amounted to approximately HKD 5.1 million, intended for general working capital[162]. Assets and Liabilities - Non-current assets increased to HKD 33,506 thousand from HKD 22,952 thousand year-on-year, with significant increases in property, plant, and equipment[52]. - Accounts receivable rose to HKD 4,350 thousand from HKD 2,312 thousand, indicating improved collection efforts[52]. - Total assets less current liabilities increased to HKD 49,696 thousand from HKD 43,073 thousand[52]. - The company's equity increased to HKD 41,815 thousand from HKD 35,621 thousand, reflecting a stronger financial position[53]. - The company reported a significant increase in cash and cash equivalents, totaling HKD 6,855 thousand compared to HKD 8,973 thousand in the previous year[52]. - The group’s net current assets decreased from approximately HKD 20.1 million as of March 31, 2023, to HKD 16.2 million as of March 31, 2024[141]. - The group had overdue receivables of HKD 4,350,000 as of the reporting date, compared to HKD 2,312,000 in the previous year[75]. - The group’s accounts receivable is highly concentrated, with 84% attributable to one customer in the management services segment, up from 72% in the previous year[126]. - The group’s overdue receivables exceeding 90 days rose to HKD 1,694,000 from HKD 69,000 in the previous year[75]. Compliance and Governance - The company has adopted a standard code for securities trading by directors, ensuring compliance with GEM Listing Rules sections 5.48 to 5.67[166]. - The company has adhered to all provisions of the corporate governance code as per GEM Listing Rules Appendix 15, with the exception of not having a chairman and CEO[167]. - The resignation of Mr. Tao Huawai as an executive director and chairman of the nomination and corporate governance committee occurred on August 4, 2023, leading to non-compliance with the requirement for a minimum of three members in the committee[168]. - The group had no significant violations of applicable laws and regulations during the year[134]. - The group did not engage in any other significant investments, acquisitions, or disposals during the year[160]. Other Income and Expenses - The company recognized other income of HKD 2,613,000 in 2024, significantly up from HKD 797,000 in 2023, marking an increase of approximately 227.5%[65]. - The company reported a significant increase in interest income to HKD 66,000 in 2024 from HKD 18,000 in 2023, reflecting improved financial management[65]. - The deferred tax expense for the year was HKD 18,000, a significant decrease from HKD 85,000 in the previous year[92]. - The company’s deferred tax liabilities decreased to HKD 123,000 from HKD 65,000 year-on-year[92]. - The expected credit loss provision for accounts receivable was HKD 815,000 in 2024, compared to no provision in 2023, indicating a shift in credit risk assessment[68]. Dividend Policy - The group has not declared any final dividends for the year ending March 31, 2024, consistent with the previous year[97]. - The group does not recommend the payment of a final dividend for the year ending March 31, 2024[164].
GOLDWAY EDU-NEW(08160) - 2024 - 年度业绩