Financial Performance - Revenue for the year ended March 31, 2024, was HKD 1,102,627,000, an increase from HKD 1,066,412,000 in the previous year, representing a growth of approximately 3.4%[20] - Gross profit for the same period was HKD 595,855,000, compared to HKD 570,647,000, reflecting an increase of about 4.4%[20] - The company reported a net loss of HKD 43,855,000 for the year, a significant decline from a profit of HKD 84,908,000 in the previous year[20] - The financial expenses increased to HKD 386,003,000 from HKD 266,478,000, marking a rise of approximately 44.8%[20] - The total equity as of March 31, 2024, was HKD 11,341,545,000, down from HKD 11,929,229,000 in the previous year[23] - The company's total equity as of March 31, 2024, was HKD 7,539 million, down from HKD 7,994 million in 2023, indicating a decrease of approximately 5.7%[78] - The earnings per share (EPS) for the year ended March 31, 2024, was HKD 13.67, compared to HKD 14.50 in the previous year, reflecting a decline of about 5.7%[78] - The company reported a total comprehensive loss of HKD 590.7 million for the year ended March 31, 2023, compared to a total comprehensive income of HKD 84.9 million in the previous year[84] - The loss attributable to ordinary shareholders was HKD 66,700,000, a decline from a profit of HKD 33,000,000 in 2023, primarily due to revaluation losses and deferred tax of HKD 101,000,000[96] - Basic loss per share was HKD 0.12, compared to earnings of HKD 0.06 per share in 2023[96] Strategic Initiatives - The company has acquired five hotel properties in Tokyo and Osaka, capitalizing on the post-COVID travel surge and favorable financing conditions[27] - The company is focusing on zero-carbon emissions and climate change-related technologies, including robotics and urban air mobility[32] - The new business environment will emphasize alternative energy, high technology, precision medicine, and advanced transportation sectors[31] - The company is particularly focused on the Greater Bay Area, which is expected to be driven by consumer demand and become a core of China's new economy[31] - The company aims to become a leading player in environmental, social, and governance (ESG) aspects in Asia[32] - The company is prepared to adapt its strategies to align with the evolving policies of the EU, UK, and US following upcoming elections[31] - The company plans to continue strategic reviews and report progress in the second half of the year[49] Market Conditions - The company faced significant market challenges, including a doubling of interest rates in Hong Kong and an oversupply of office units, impacting overall performance[79] - The leasing business continued to operate smoothly, while the property business faced challenges due to the downturn in the Chinese real estate market[97] - Over 1,600,000 square meters of new Grade A office units were launched in the local market, equivalent to 10 new Han Guo Centers[98] - The company acknowledges a decrease in short-term returns but remains optimistic about mid to long-term prospects, viewing the current crisis as an opportunity for growth[49] Investment and Development - The flagship hotel in Hong Kong, Bao Hsien Hotel, is expected to reopen by the end of 2024, with a joint venture project in South Bay projected to launch sales by the end of 2025[50] - The company anticipates that its investment project in Japan will start contributing to profits soon[50] - A new mixed-use project on Beijing Road was launched at the end of 2023, featuring 144 residential units, 6,000 square meters of office space, and 20,000 square meters of modern street-level shops[99] - The company sold 77 out of 80 units available for sale in the Nanhai project, with strong sales of 841 parking spaces related to this project[99] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with applicable principles and provisions[124] - The board of directors is responsible for the overall development strategy of the group and monitors financial performance and internal controls[128] - The company has established mechanisms to ensure independent opinions are obtained for board decisions, with most independent non-executive directors serving on board committees[130] - The company has received written confirmations of independence from all independent non-executive directors, affirming their independent roles and judgments[131] - The company’s remuneration committee has reviewed the remuneration of directors and made recommendations to the board[139] - The company has clear delineation of responsibilities between the chairman and the managing director, ensuring effective board operations[133] - The company has adopted a director remuneration policy aimed at providing fair market-level compensation to retain and encourage high-quality directors[142] Employee and Diversity Initiatives - The company emphasizes equal opportunity for all employees, ensuring no discrimination based on gender, race, age, nationality, religion, sexual orientation, or disability[152] - The board has reviewed its structure and diversity, finding it generally satisfactory but acknowledging room for improvement in gender diversity[176] - As of March 31, 2024, the overall employee gender ratio is approximately 1:0.95[152] - The company encourages all directors to participate in continuous professional development to enhance their knowledge and skills[161] Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.025 per share for the year ending March 31, 2024, compared to HKD 0.05 per share in 2023, pending shareholder approval[192] - The company has issued a total of at least 25% of its shares to the public as of the last practicable date before the report publication[8]
建业实业(00216) - 2024 - 年度财报