Financial Performance - The company's revenue increased from approximately $14.27 million in the year ended October 31, 2023, to about $22.96 million in the current year, driven by higher sales of vehicle bodies and components[4]. - The net loss for the current year was approximately $1.03 million, a reduction from a loss of $2.79 million in the previous year, primarily due to impairment losses on other receivables[4]. - Basic and diluted loss per share improved to 0.41 cents from 1.11 cents in the previous year[3]. - Gross profit increased to $4.205 million from $2.185 million, reflecting a significant improvement in profitability[6]. - The company recorded a total comprehensive income of $209,000 compared to a loss of $2.790 million in the previous year, indicating a turnaround in overall financial performance[8]. - The pre-tax loss for the year 2024 was approximately $1,027,000, compared to a loss of $2,787,000 in 2023, indicating a significant improvement[34]. - Total financial costs decreased from $966,000 in 2023 to $753,000 in 2024, primarily due to lower bank loan interest expenses[7]. - Employee costs reduced from $2,780,000 in 2023 to $2,236,000 in 2024, reflecting a decrease in salaries and wages[7]. - The group recorded an income tax expense of approximately $0.52 million for the year, compared to an income tax credit of about $0.10 million in the previous year[77]. Revenue Breakdown - Total revenue for the fiscal year ending October 31, 2024, was $22.956 million, a significant increase of 61% compared to $14.265 million in the previous year[24][28]. - Revenue from Malaysia, the operating location, increased to $4.657 million from $2.703 million, reflecting a growth of 72%[28]. - Revenue from Singapore rose to $5.821 million, up from $2.353 million, marking a growth of 147%[28]. - The company experienced a decline in revenue from Hong Kong, which decreased to $3.818 million from $5.426 million, a drop of 30%[28]. - Revenue from the sales of bodies and kits for the year ended October 31, 2024, was approximately $18.43 million, an increase of about $7.10 million or 62.6% compared to $11.33 million for the year ended October 31, 2023[59]. - Revenue from the sales of parts and related services for the year was approximately $4.42 million, an increase of about $1.48 million or 50.5% from $2.94 million in the previous year[63]. Asset Management - Total assets increased to $27.926 million from $23.567 million, indicating growth in the company's asset base[10]. - Non-current assets increased to $7.117 million from $6.812 million, showing growth in long-term investments[10]. - The company's equity attributable to owners increased to $13.987 million from $13.749 million, reflecting improved financial health[11]. - Trade receivables increased to $5.041 million from $3.758 million, reflecting higher sales activity[10]. - Trade receivables rose to $5,511,000 in 2024 from $4,188,000 in 2023, with a provision for impairment increasing slightly from $430,000 to $470,000[37]. - The aging analysis of trade payables shows that $2,284,000 is due within 30 days, up from $1,321,000 in 2023, a 73% increase[45]. Strategic Initiatives - The company has extended the conditional sale agreement for acquiring GML Premier Sdn. Bhd. until July 26, 2025, indicating ongoing strategic expansion efforts[41][42]. - The company plans to continue monitoring the application of new accounting standards and their potential effects on future financial reporting[20]. - The company plans to expand its manufacturing capacity and invest in product development to meet the growing demand for electric commercial vehicle body solutions, including buses[92]. - The company aims to enhance strategic partnerships with major chassis operators and expand its market presence in the United States and Australia, where revenue contributions have significantly increased in recent years[94]. - The company intends to diversify its product portfolio, focusing on electric and diesel city buses and long-distance buses, while developing lighter body solutions to improve battery efficiency[96]. - The company is exploring new business opportunities to diversify its profit base and enhance profitability for better shareholder returns[97]. Financial Instruments and Liabilities - The company issued convertible bonds totaling HKD 25,000,000 (approximately $3,222,000) with a conversion price of HKD 1.00 per share and an annual interest rate of 4.25%[47]. - The actual interest rate on the liability portion of the convertible bonds is 7.79%[50]. - The total amount raised from the issuance of convertible bonds, net of costs, is approximately HKD 24,837,000 (about $3,201,000)[48]. - The proceeds from the convertible bonds will be used for the development of existing business and as working capital[118]. - The group has bank borrowings and overdrafts amounted to approximately $6.67 million as of October 31, 2024, down from $8.03 million in 2023[104]. - The capital debt ratio (calculated as total outstanding debt divided by total equity) was approximately 69% as of October 31, 2024, a decrease from 81% in 2023[106]. Market Conditions and Risks - The company is closely monitoring foreign exchange risks due to transactions denominated in foreign currencies, primarily USD, EUR, HKD, and SGD, without a current hedging policy[103]. - The company believes that the Asian market has significant growth potential for bus manufacturing solutions due to ongoing urbanization and population growth[90]. - The expected credit loss (ECL) model parameters include a probability of default (PD) of 100% due to credit risk being classified as stage 3[75]. - The estimated recovery rate for trade receivables is 0.00% for the current year, compared to 38.50% in 2023[75]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and risk management[125]. - The independent auditor confirmed that the preliminary performance announcement data aligns with the audited consolidated financial statements[126]. - The annual report contains all information required by the listing rules and will be distributed to shareholders upon request[128]. - The board expressed gratitude to the management, employees, shareholders, suppliers, customers, and banks for their continued support[129].
彭顺国际(06163) - 2024 - 年度业绩