Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 30,151,000, a decrease of 21.4% compared to HKD 38,379,000 in 2023[3] - The company reported a net loss of HKD 28,882,000 for the year, an improvement from a loss of HKD 37,397,000 in the previous year, indicating a reduction in losses by 22.5%[3] - The basic and diluted loss per share for the year was HKD 0.047, compared to HKD 0.032 in 2023[4] - The company recorded a net loss attributable to shareholders of HKD 34,596,000 in 2024, compared to HKD 23,279,000 in 2023[29] - The group reported a segment loss of HKD 9,633,000 for the year ended December 31, 2024, compared to a loss of HKD 29,403,000 before tax[22] - The company’s loss attributable to owners decreased by approximately 48.6% to about HKD 34,600,000 for the year ended December 31, 2024, compared to a loss of approximately HKD 23,300,000 in 2023[56] Revenue Breakdown - Total revenue for the group was HKD 30,151,000 in 2024, down 21.5% from HKD 38,379,000 in 2023[16] - Advertising service revenue for the year ended December 31, 2024, was HKD 20,241,000, a decrease of 24.5% from HKD 26,787,000 in 2023[16] - Revenue from advertising and marketing services was approximately HKD 20,200,000, representing about 67.1% of the total revenue[45] - Revenue from advertising services and sales of books and magazines for the year ending December 31, 2024, is approximately HKD 20,200,000, a decrease of 24.4% from HKD 26,800,000 in 2023[53] Asset Management - Total assets decreased to HKD 311,048,000 from HKD 354,777,000, a decline of 12.3% year-over-year[5] - The company recognized a financial asset impairment loss of HKD 4,550,000, down from HKD 31,085,000 in the previous year, indicating a significant improvement in asset management[3] - The company’s receivables from advertising services increased to HKD 8,875,000 in 2024 from HKD 3,382,000 in 2023[31] - As of December 31, 2024, the company's receivables amounted to HKD 171,311,000, a decrease from HKD 178,795,000 in 2023, with a significant reduction in expected credit loss provisions from HKD 60,156,000 to HKD 24,051,000[37] Liabilities and Equity - Current liabilities decreased slightly to HKD 142,071,000 from HKD 177,080,000, showing a reduction of 19.8%[6] - The company's equity attributable to owners decreased to HKD 175,194,000 from HKD 207,271,000, a decline of 15.5%[6] - The total equity of the group as of December 31, 2024, was approximately HKD 155,400,000, down from approximately HKD 181,400,000 in 2023, mainly due to a loss of about HKD 28,900,000 during the year[66] Operational Changes - The group has suspended its brokerage services until further notice, impacting revenue generation[20] - The company ceased its securities brokerage business as of September 19, 2023, due to ongoing losses, which is not expected to have a significant impact on financial performance[46] - The group confirmed a fair value loss on investments held for trading of approximately HKD 1,100,000 for the year ended December 31, 2024, compared to a fair value gain of approximately HKD 12,100,000 in 2023[64] Cost Management - The total employee costs for 2024 were HKD 11,991,000, significantly lower than HKD 27,020,000 in 2023, indicating a reduction in workforce or salary adjustments[27] - Administrative expenses decreased by approximately 43.5% to HKD 24,200,000 for the year ending December 31, 2024, down from HKD 42,900,000 in 2023, primarily due to reduced employee costs and legal fees[54] - Sales and distribution costs for the year ending December 31, 2024, are approximately HKD 600,000, a reduction of about 90.0% from HKD 5,000,000 in 2023[54] Future Outlook - The company maintains a cautiously optimistic outlook, focusing on strengthening its financial services and exploring suitable investment opportunities for sustainable returns and maximizing shareholder value[52] - The group expects no significant impact on its consolidated financial statements from the new accounting standards in the foreseeable future[13] - The board expects the future performance of the group's listed investments to be volatile and influenced by overall economic conditions and market sentiment[65] Compliance and Governance - The company adhered to the corporate governance code during the review year, with some deviations regarding notice periods for board meetings[74] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2024[76]
财讯传媒(00205) - 2024 - 年度业绩