Financial Performance - The company's revenue for the year ended March 31, 2024, was approximately HKD 338.5 million, a decrease of about 25.2% compared to HKD 452.8 million in the previous fiscal year[17]. - The gross loss for the year was approximately HKD 26.6 million, with a gross loss margin of 7.9%, compared to a gross profit of HKD 69.6 million and a gross profit margin of 15.4% in the previous year[17]. - The company recorded a net loss of approximately HKD 22.7 million for the year, compared to a net profit of HKD 42.1 million in the previous fiscal year[25]. - Total assets decreased by approximately 12.4% from HKD 310.8 million to HKD 272.4 million as of March 31, 2024[26]. - Cash and cash equivalents were approximately HKD 153.9 million, down from HKD 235.3 million in the previous year[27]. - The company's debt-to-equity ratio was approximately 0.2% as of March 31, 2024, compared to 0.7% in the previous year[30]. - Other income increased to approximately HKD 8.98 million from HKD 3.09 million, primarily due to an increase in bank interest income of about HKD 4.89 million[18]. - The share of profits from associates was approximately HKD 20.1 million, an increase from HKD 13.2 million in the previous year[22]. - The group received dividends totaling approximately HKD 18.2 million from Rich Partner Global Limited, compared to HKD 5.6 million in the previous year[39]. Operational Challenges - The company is facing challenges such as rising bid prices, supply chain resource competition, and labor shortages[10]. - The group faced a decrease in revenue and incurred a net loss due to several construction projects being in temporary works stages, leading to reduced certified work volumes[38]. - The company continues to strengthen cost control measures and resource management policies to maintain market competitiveness[6]. - The company is actively participating in multiple contract bids and maintains a cautiously optimistic outlook for future market conditions[10]. Employee Management - The company has maintained a stable employee turnover rate over the past two years despite labor shortages in the construction industry[8]. - The total employee cost for the year ending March 31, 2024, was approximately HKD 76.9 million, a decrease from HKD 78.9 million in the previous year[83]. - The company had a total of 167 full-time employees as of March 31, 2024, down from 177 in the previous year[83]. - The employee compensation policy is based on performance, qualifications, and market levels, ensuring appropriate remuneration for all employees[83]. - The overall employee gender ratio as of March 31, 2024, is 20.2% female and 79.8% male, indicating a reasonable level of gender diversity in the workforce[163]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring independent judgment in discussions[130]. - The independent non-executive directors have confirmed their independence according to the Hong Kong Stock Exchange listing rules[78]. - The board is committed to maintaining high standards of corporate governance, adhering to the corporate governance code as per the listing rules, with one exception regarding the separation of roles between the chairman and CEO[125]. - The company has established a mechanism to ensure independent viewpoints are obtained, with annual evaluations of board performance conducted anonymously[132]. - The company has received annual written confirmations of independence from all independent non-executive directors[132]. Environmental Management - The company is committed to reducing its operational negative impact on the environment and has obtained ISO 14001:2015 certification for its environmental management system[189]. - The company has implemented comprehensive water quality mitigation measures to comply with water pollution control regulations, focusing on water conservation and discharge quality[194]. - The company has established waste mitigation measures for various types of construction waste, including concrete and metal templates, to reduce waste generation[197]. - The company has successfully repurposed a significant amount of wood waste from projects for gardening purposes, enhancing operational efficiency and financial benefits[200]. - The company has set up chemical storage areas to prevent accidental leaks and ensure proper handling of chemical waste[200]. Future Outlook - The company aims to leverage its strong capital structure to optimize construction services and explore new business channels[7]. - The group is optimistic about the construction industry in Hong Kong despite facing challenges such as labor shortages and strict occupational safety regulations[40]. - The company plans to purchase more electric vehicles to further reduce gasoline consumption and lower emission levels[191]. - The company aims to achieve a zero-accident work environment and has established a solid safety, health, and environmental committee to manage these matters effectively[158].
万景控股(02193) - 2024 - 年度财报