Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 285,204,000, a decrease of 18.1% compared to HKD 348,271,000 in the previous year[2] - The gross profit for the same period was HKD 11,655,000, significantly improved from HKD 110 in the previous year[2] - The loss before tax increased to HKD 275,502,000, compared to a loss of HKD 224,636,000 in the prior year, reflecting a deterioration of 22.6%[3] - The total comprehensive loss for the year was HKD 351,771,000, down from HKD 575,808,000 in the previous year, indicating a 38.9% improvement[3] - The company reported a net loss attributable to owners of the company of HKD 197,262,000, compared to HKD 238,873,000 in the previous year, reflecting a 17.4% improvement[5] - The company reported a loss attributable to owners of the company of HKD 118,640,000 for the year ended March 31, 2024, compared to a loss of HKD 223,615,000 for the previous year[54] - The net loss for fiscal year 2024 was approximately HKD 283.1 million, a decrease of about HKD 244.5 million from HKD 527.6 million in fiscal year 2023[95] Assets and Liabilities - The company's total assets decreased to HKD 1,300,167,000 from HKD 2,416,217,000, a decline of 46.1% year-over-year[7] - Current liabilities exceeded current assets by HKD 1,056,099,000, compared to a surplus of HKD 44,212,000 in the previous year[8] - The company had cash and cash equivalents of HKD 469,000, a significant decrease from HKD 40,638,000 in the previous year[7] - The company’s borrowings amounted to HKD 842,175,000, with a substantial portion classified as current liabilities due to covenant breaches[11] - As of March 31, 2024, the group's net current liabilities were approximately HKD 1,056.1 million, compared to a net current asset of approximately HKD 44.2 million as of March 31, 2023[105] - The group's net liabilities are approximately HKD 332,903,000 respectively, indicating significant uncertainty regarding the group's ability to continue as a going concern[129] Revenue Sources - For the fiscal year ending March 31, 2024, the revenue from property sales was HKD 285,005 thousand, an increase from HKD 169,481 thousand in the previous year, representing a growth of 68.3%[32] - The revenue from construction material sales was HKD 178,637 thousand in the fiscal year ending March 31, 2023, while there was no revenue reported for the fiscal year ending March 31, 2024[32] - The total revenue from continuous operations for the fiscal year ending March 31, 2024, was HKD 285,204 thousand, down from HKD 348,271 thousand in the previous year, indicating a decrease of 18.1%[32] Operational Changes - The company has focused its operations on property development following the sale of its wellness resort business, which is now classified as discontinued operations[24] - The company agreed to sell its wellness resort in Shanghai for a cash consideration of RMB 1,185,000,000 (approximately HKD 1,356,519,000) on November 25, 2022[41] - The company completed the construction of the Yangzhong project, generating revenue of approximately HKD 285.2 million from the sale of 343 apartments with a total construction area of about 42,603 square meters[79] Financing and Liquidity - The group plans to actively negotiate with investors and banks for new financing and to extend bank loan agreements to manage its financial obligations[16] - The group is facing significant uncertainty regarding its ability to continue as a going concern due to the inability to recover loans totaling RMB 135.0 million (equivalent to HKD 146.3 million) from Bao Ji Holdings[14] - The group has a bank balance of approximately HKD 14.9 million that has been frozen due to legal claims amounting to RMB 41.5 million (equivalent to HKD 45.0 million)[12] - The group continues to sell completed properties and pre-sell development properties to increase liquidity[109] Legal and Compliance Issues - The group faces several legal claims primarily related to construction contract disputes in its property development projects[113] - The independent auditor's report states that no opinion is expressed on the consolidated financial statements due to insufficient appropriate audit evidence[128] - The audit committee has critically reviewed the basis for the disclaimer of opinion and acknowledges the management's view on the group's ability to continue operating[133] Future Outlook - The company anticipates that the real estate industry will continue to face structural adjustments and challenges in the upcoming fiscal year 2025[96] - The group plans to focus on the biopharmaceutical and medical device industry parks, establishing a comprehensive development strategy starting in 2023[100] - The group anticipates challenges in its existing industrial park development model by 2025, necessitating a strategic upgrade[99]
保集健康(01246) - 2024 - 年度业绩