Financial Performance - The company's revenue from continuing operations increased by 102.0% for the fiscal year ending April 30, 2024[6]. - The profit for the fiscal year was approximately HKD 1.3 million, compared to HKD 2.7 million in the previous fiscal year[6]. - The basic and diluted earnings per share from continuing operations were HKD 0.16, down from HKD 0.40 in the previous year[18]. - The total revenue from continuing operations for the year was HKD 71,854,000, a significant increase from HKD 35,563,000 in the previous year, representing a growth of 101%[46]. - The company reported a profit before tax of HKD 4,544,000 from continuing operations, compared to HKD 8,354,000 in the previous year, indicating a decrease of 45%[37]. - The company recorded a profit attributable to shareholders of approximately HKD 1.3 million, compared to a loss of about HKD 2.7 million for the previous fiscal year[121]. - Profit attributable to owners from continuing operations decreased to approximately HKD 1.3 million, down about 59.4% from HKD 3.2 million in the previous year[125]. - The overall gross profit increased by approximately HKD 6.8 million or 19.6% from approximately HKD 34.7 million in the previous year to about HKD 41.5 million this year[148]. Discontinued Operations - The company has closed all retail watch stores and will not reopen them, classifying the watch retail business as discontinued operations[14]. - The company incurred a loss of HKD 5,858,000 from discontinued operations related to the watch retail business[38]. - The total revenue from discontinued operations was HKD 5,947,000, with a gross profit of HKD 1,846,000 reported[88]. - The company has decided to exit the watch retail business and focus on wholesale operations due to challenges in the retail market[96]. - The company faced challenges in its watch retail business, leading to the closure of three underperforming stores and a complete shutdown of retail operations by November 2022[108]. Assets and Liabilities - Total assets decreased to HKD 173.09 million from HKD 201.60 million[19]. - Total liabilities decreased to HKD 157.72 million from HKD 184.74 million[19]. - Trade payables decreased significantly to HKD 15,487,000 from HKD 32,272,000 in the previous year, a reduction of 52.0%[94]. - As of April 30, 2024, the total cash and cash equivalents amounted to approximately HKD 65.8 million, down from about HKD 126.2 million on April 30, 2023[125]. Revenue Streams - Sales of compound fertilizers amounted to HKD 30,960,000, with no sales reported in the previous year[46]. - The company generated commission income of HKD 39,113,000, an increase from HKD 34,349,000 in the previous year, reflecting a growth of 11%[46]. - The watch sales revenue for the year was HKD 1,771,000, up from HKD 1,210,000 in the previous year, marking a growth of 46%[46]. - Revenue from mainland China was HKD 1,531,000, while revenue from Hong Kong was negligible[54]. - Trade business revenue increased from approximately HKD 34.3 million to about HKD 39.1 million, representing a growth of approximately HKD 4.8 million or 14.0%[122]. Operational Changes and Strategy - The company is actively considering acquiring another production line to increase capacity[1]. - The company aims to strengthen customer relationships and expand its business to consolidate brand position and increase market share[1]. - The company has reclassified its watch retail business as discontinued operations, indicating a strategic shift in focus[30]. - The company expanded its business into the manufacturing and sales of compound fertilizers, producing a total of 14,734 tons and achieving sales of 14,036 tons in the current year[97]. - The company plans to purchase related production lines in July 2024 to enhance production efficiency and reduce rental costs[136]. - The company anticipates continued growth in domestic fertilizer demand, supporting the domestic fertilizer market[135]. Expenses and Costs - The total comprehensive expenses for the year were HKD 1,482,000, down from HKD 4,719,000 in the previous year[39]. - Sales and distribution costs increased by approximately HKD 9.8 million or 86.7% to about HKD 21.1 million, primarily due to rising freight, travel, and packaging expenses[101]. - The financing costs rose from approximately HKD 15,000 to about HKD 171,000, an increase of approximately HKD 156,000, attributed to higher financing costs of lease liabilities[103]. - The total cost of employee compensation amounted to HKD 5,149,000 for the year[64]. - Total employee costs increased to HKD 18,692,000, up 22.4% from HKD 15,250,000 in the previous year[83]. - Administrative expenses increased by approximately HKD 2.5 million or 16.1% to about HKD 18.0 million from approximately HKD 15.5 million (restated)[124]. Corporate Governance - The audit committee reviewed the group's audited consolidated financial statements and annual results, confirming compliance with applicable accounting standards and listing rules[167]. - The company has taken sufficient measures to ensure effective communication among directors, including independent non-executive directors[143]. - The board held two regular meetings and three other meetings during the year, with decisions made through written resolutions circulated among directors[141]. - The company will seek suitable candidates and make necessary arrangements as required by the corporate governance code regarding the separation of roles between the chairman and CEO[142]. Shareholder Relations - The company expressed gratitude to shareholders, suppliers, customers, and business partners for their ongoing trust and support[146]. - The company does not recommend the payment of any dividends for the fiscal year ending April 30, 2024[6]. - The company did not declare any dividends for the years ended April 30, 2024, and 2023[86].
富一国际控股(01470) - 2024 - 年度业绩