Financial Performance - Revenue for the year ended March 31, 2025, was HKD 37,592,000, a decrease of 63% compared to HKD 102,501,000 in 2024[2] - Gross profit for the same period was HKD 6,928,000, down 76% from HKD 28,648,000 in the previous year[2] - The net loss for the year was HKD 38,898,000, representing a 195% increase from a loss of HKD 13,168,000 in 2024[2] - Core loss from continuing operations was HKD 7,051,000, which is a 23% increase from HKD 5,728,000 in the prior year[2] - The loss attributable to equity holders of the company was HKD 30,747,000, up 53% from HKD 20,158,000 in 2024[2] - Basic and diluted loss per share was HKD 1.63, compared to HKD 1.03 in the previous year, marking a 53% increase[2] - Total comprehensive loss for the year was HKD 30,945,000, compared to HKD 20,398,000 in 2024[6] - The group reported a loss of HKD 32,219,000 for the year ending March 31, 2025, and has ceased its hotel operations, now focusing on furniture and building materials supply, as well as design and renovation services[16] - Loss before tax was HKD 38,700,000 in 2025, compared to a loss of HKD 12,928,000 in 2024, indicating a significant increase in losses[32] Dividends - The board proposed a special dividend of HKD 0.06 per share and an interim dividend of HKD 0.181 per ordinary share[2] - The company reported no dividends for the year, consistent with the previous year[34] - The board has proposed a special dividend of HKD 0.06 per share and a special interim dividend of HKD 0.181 per share following the significant sale[67] Assets and Liabilities - Non-current assets decreased to HKD 368,177,000 in 2025 from HKD 462,331,000 in 2024, representing a decline of approximately 20.3%[7] - Current assets increased to HKD 490,042,000 in 2025 from HKD 92,896,000 in 2024, indicating a significant rise of 426.5%[7] - Total liabilities decreased to HKD 365,407,000 in 2025 from HKD 459,591,000 in 2024, a reduction of about 20.5%[8] - Net assets decreased to HKD 347,868,000 in 2025 from HKD 378,813,000 in 2024, reflecting a decline of approximately 8.2%[8] - The company reported a total equity of HKD 347,868,000 in 2025, down from HKD 378,813,000 in 2024, a decrease of about 8.2%[8] Operational Changes - The company has ceased hotel operations during the current year, which may impact future revenue streams[9] - The group has reclassified hotel operations as discontinued business as of March 31, 2025[55] - The group aims to reduce operational costs by minimizing the workforce required for hotel operations following the sale[68] Revenue Segments - For the year ending March 31, 2025, external revenue from the building materials trading and renovation services segment was HKD 123,710,000, a decrease from HKD 176,944,000 in the previous year[21] - External revenue from Hong Kong was HKD 123,710,000 in 2025, down 29.5% from HKD 175,334,000 in 2024[24] - Major customer revenue from Customer B was HKD 30,513,000 in 2025, a decrease of 7.5% from HKD 32,990,000 in 2024[25] - Revenue from the construction materials trading and renovation business decreased significantly from approximately HKD 102,500,000 to about HKD 37,600,000, representing a 63% decline year-on-year[79] Impairment and Provisions - The impairment loss on investment properties was HKD 31,847,000, a notable increase from HKD 7,440,000 in 2024[5] - The expected credit loss provision for trade receivables in the construction services segment is HKD 136,000, down from HKD 4,539,000 in 2024[40] - The impairment loss provision for 2025 was HKD 138,000, down from HKD 524,000 in 2024, indicating a reduction of 73.7%[47] Financing and Cash Flow - The group has total bank financing of HKD 76,500,000, with HKD 73,900,000 remaining undrawn, indicating a strong liquidity position[19] - The group anticipates sufficient cash resources to meet future operational and financing needs based on cash flow forecasts for the next 18 months[18] - The group’s financing costs decreased to HKD 5,670,000 from HKD 6,976,000 year-over-year[56] - As of March 31, 2025, total borrowings amounted to approximately HKD 86,900,000, down from HKD 128,600,000 the previous year[81] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring a broad range of business experience[100] - The company has complied with the corporate governance code, with a board composition of five male directors and one female director[98] Future Outlook - The group’s management has identified significant uncertainties in business performance due to a weak economic environment and intense market competition[16] - The overall economic environment remains uncertain, posing challenges to the hotel industry and the group's operations[75] - The management will regularly review and monitor business performance to ensure stability and adjust the business portfolio as necessary[71] - The group intends to explore potential investment opportunities to expand its business portfolio and increase revenue sources[72]
茂盛控股(00022) - 2025 - 年度业绩