Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of 0.86% compared to HKD 46,884,000 in 2023[4] - The net loss for the year was HKD 74,752,000, compared to a profit of HKD 264,999,000 in the previous year, indicating a significant decrease in profitability[5] - Basic loss per share for 2024 was HKD 6.03, compared to earnings of HKD 21.36 per share in 2023[28] - The fair value loss on investment properties was HKD 67,862,000, compared to a fair value gain of HKD 259,453,000 in the previous year[31] - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of HKD 402,000 or 1% compared to HKD 46,884,000 in 2023[29] Asset and Equity Changes - Total assets decreased to HKD 2,297,944,000 from HKD 2,567,827,000, reflecting a decline of 10.52%[7] - The total equity decreased to HKD 1,742,069,000 from HKD 1,822,751,000, a decline of 4.41%[7] - The company's cash and cash equivalents dropped to HKD 68,355,000 from HKD 130,495,000, a decrease of 47.6%[7] - Total assets decreased from HKD 2,603,968,000 in 2023 to HKD 2,431,092,000 in 2024[32] - The total liabilities decreased from HKD 781,217,000 in 2023 to HKD 689,023,000 in 2024, with a debt-to-asset ratio of approximately 28%[33] Income Sources - Other income decreased to HKD 10,894,000 from HKD 13,358,000, representing a decline of 18.43%[4] - Total fixed rental income from investment properties for 2024 was HKD 41,063,000, a slight increase from HKD 40,366,000 in 2023, representing a growth of 1.73%[16] - Property management fee income for 2024 was HKD 5,023,000, down from HKD 5,168,000 in 2023, indicating a decrease of 2.81%[16] - Total revenue from Hong Kong and China for the year was HKD 47,286,000, compared to HKD 46,315,000 in 2023, reflecting an increase of 2.09%[17] - Major client A contributed HKD 8,474,000 in rental income for 2024, up from HKD 8,239,000 in 2023, showing a growth of 2.86%[18] Impairment and Valuation - The company recognized a net impairment reversal of HKD 607,000 from the expected credit loss model, compared to HKD 1,445,000 in the previous year[4] - The fair value of investment properties slightly decreased to HKD 2,266,120,000 from HKD 2,269,160,000, a marginal decline of 0.14%[7] Operational Insights - The average occupancy rate for commercial properties at Hong Kong Crystal Center was about 90%[30] - The company plans to open the renovated shopping mall in 2025[30] - The completion and opening of the renovated shopping mall, 联薈 (formerly known as 协和广场), is anticipated in the second half of 2025, marking an important milestone for the group[45] Strategic Outlook - The group expects the Hong Kong retail property leasing market to remain challenging in 2025, with rental prices and occupancy rates under pressure[45] - The group plans to maintain a cautious strategy regarding potential acquisitions while capitalizing on development opportunities[45] Corporate Governance - The auditors provided an unqualified opinion for the financial years, indicating no significant issues were raised during the audit process[9] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are yet to be effective, indicating a conservative approach to financial reporting[12] - The company expects that the application of new standards will not have a significant impact on the consolidated financial statements in the foreseeable future[12] Employee and Dividend Information - The number of employees as of December 31, 2024, was 30, a decrease from 31 in 2023[43] - No dividend was declared for the year ending December 31, 2024[24] - The board does not recommend declaring any dividends for the year ending December 31, 2024[47] Miscellaneous - The group did not grant any loans to borrowers during the year[36] - As of December 31, 2024, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[38] - The group had no significant investments representing over 5% of total assets as of December 31, 2024[39] - There were no significant contingent liabilities as of December 31, 2024[40] - There were no significant events affecting the group after the fiscal year-end and up to the announcement date[42] - The company has not repurchased, sold, or redeemed any of its shares during the fiscal year ending December 31, 2024[55] - Any unclaimed dividends declared after six years may be forfeited by the board of directors and returned to the company[56] - Shareholders must contact the company's share registrar by April 17, 2025, to claim any unclaimed dividends[57]
亚证地产(00271) - 2024 - 年度业绩