Financial Performance - For the fiscal year ending July 31, 2024, the company reported total revenue of HKD 29,061,000, an increase from HKD 27,338,000 in the previous year, representing a growth of 6.3%[1] - The gross profit for the year was HKD 42,750,000, compared to HKD 33,296,000 in the previous year, indicating a significant increase of 28.5%[1] - The net profit for the year was HKD 3,787,000, a recovery from a loss of HKD 33,697,000 in the previous year[1] - The total comprehensive income for the year was HKD 527,000, a substantial improvement from a loss of HKD 52,162,000 in the previous year[2] - Basic earnings per share improved to HKD 2.9 from a loss of HKD 15.4 in the previous year[2] - The company's profit for the year 2024 reached HKD 5,569,000, a significant recovery from a loss of HKD 29,967,000 in 2023[23] - The profit attributable to the owners of the company for the year was HKD 5.6 million, recovering from a loss of HKD 30 million in 2023[43] Assets and Liabilities - Non-current assets increased to HKD 429,726,000 from HKD 390,939,000, reflecting a growth of 9.9%[3] - Current assets decreased to HKD 377,423,000 from HKD 413,003,000, a decline of 8.6%[3] - The company's total assets less current liabilities stood at HKD 785,556,000, slightly down from HKD 786,811,000 in the previous year[3] - The total equity attributable to the owners of the company was HKD 823,048,000, an increase from HKD 819,963,000 in the previous year[4] - As of July 31, 2024, the outstanding loan balance was HKD 651,370,000, a decrease from HKD 689,488,000 in the previous year, with loan repayments of HKD 80,000,000 received during the year[13] - The group maintained a debt-to-equity ratio of 4.9% as of July 31, 2024, slightly up from 4.6% in 2023[45] Revenue Segmentation - For the fiscal year ending July 31, 2024, the total revenue from the hotel business was HKD 13,880,000, while the total revenue from financial investments was HKD 66,338,000, and the total revenue from consumer finance was HKD 27,338,000, leading to a consolidated revenue of HKD 122,737,000[17] - The group reported a segment loss of HKD 11,622,000 from the hotel business and a segment loss of HKD 2,459,000 from consumer finance, resulting in a total segment loss of HKD 8,079,000 for the consolidated results[17] - Revenue from property sales increased to HKD 15.2 million, compared to HKD 1.1 million in the previous year[48] - The consumer finance segment generated interest income of HKD 27.3 million, down from HKD 28.7 million in 2023[49] Expenses and Losses - The group reported other losses of HKD 6,271,000 for the year ending July 31, 2024, compared to HKD 5,242,000 in the previous year, primarily due to fair value losses on financial assets[19] - The financial expenses for the year included interest on lease liabilities and overdraft interest totaling HKD 49,000, an increase from HKD 33,000 in the previous year[18] - The company incurred a loss of HKD 15,213,000 from bank and other interest income in 2024, compared to a loss of HKD 11,785,000 in 2023[22] - The group recorded an impairment loss of HKD 9,400,000 for accounts receivable under the expected credit loss model, a decrease from HKD 13,800,000 in 2023[55] Employee and Operational Costs - Total employee benefits expenses increased to HKD 23,663,000 in 2024, up from HKD 19,836,000 in 2023, reflecting a growth of approximately 19%[22] - Total employee compensation amounted to approximately HKD 23,700,000, an increase from HKD 19,800,000 in 2023, with about 95 employees as of July 31, 2024[63] - The company did not receive any government subsidies for employee benefit expenses in 2024, compared to HKD 215,000 in 2023[22] Audit and Compliance - The auditors issued a qualified opinion on the financial statements for the year ended July 31, 2024, as per the requirements of the Hong Kong Companies Ordinance[10] - The independent auditor's report expressed a qualified opinion due to insufficient evidence regarding expected credit loss provisions related to Tianfu[38] - The financial statements for the year ended July 31, 2023, were audited by a predecessor auditor, who also issued a qualified opinion[39] - The Audit Committee has been established and consists of independent non-executive directors, including Mr. Hong Ka Hei (Chairman) and others, with five meetings held during the year[70] Investments and Subsidiaries - The group's associate, Tenfu Group, primarily operates hotels and property investments in China, with the group's equity accounted for based on Tenfu's financial statements[12] - The company holds a 32.5% stake in Tianfu Group, which operates in hotel management and property investment in Macau[35] - Revenue from the associate company, Tianfu, increased to HKD 231,213,000 in 2024, up from HKD 134,303,000 in 2023, representing a growth of approximately 72%[27] - The net asset value attributable to Tianfu's owners rose to HKD 500,923,000 in 2024, compared to HKD 438,503,000 in 2023, marking an increase of about 14%[28] Cash Flow and Dividends - As of July 31, 2024, dividends receivable from Tianfu amounting to HKD 12,621,000 were settled, indicating positive cash flow from investments[37] - The group does not recommend any dividend payment for the year ending July 31, 2024[44] - The group had cash and bank balances of HKD 175.7 million, a decrease from HKD 191.9 million in 2023[45] Market and Operational Strategy - The group is actively monitoring foreign currency risks without hedging, focusing on appropriate measures when necessary[46] - The group is undergoing phased renovations at the Foshan Caishen Hotel, which may temporarily impact operations but is expected to enhance competitiveness in the long term[64] - The group will continue to monitor global economic developments and formulate strategies to effectively utilize resources for sustainable long-term growth[65]
冠中地产(00193) - 2024 - 年度业绩