佳明集团控股(01271) - 2025 - 年度业绩

Annual Performance Summary The Group's FY2024/25 revenue significantly increased by 115% to HKD 1,145.8 million, but turned from a profit last year to a loss of HKD 292.1 million, with basic loss per share of 20.56 cents; the Board does not recommend a final dividend, and net assets are HKD 2,720.8 million Key Financial Performance The Group's FY2024/25 revenue significantly increased by 115% to HKD 1,145.8 million, but turned from a profit last year to a loss of HKD 292.1 million, with basic loss per share of 20.56 cents; the Board does not recommend a final dividend, and net assets are HKD 2,720.8 million Key Financial Data for FY2024/25 | Metric | FY2025 (HKD '000) | FY2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,145,800 | 532,700 | +115% | | Loss/(Profit) for the Year | (292,100) | 298,500 | Turned from profit to loss | | Basic Loss/(Earnings) Per Share (Cents) | (20.56) | 21.02 | Turned from profit to loss | | Net Assets (End of Period) | 2,720,800 | N/A | N/A | - The Board does not recommend a final dividend for the year ended March 31, 2025[3] Consolidated Financial Statements Consolidated Statement of Profit or Loss FY2024/25 revenue increased by 115% to HKD 1,145.8 million, and gross profit increased by 97.4% to HKD 332.7 million; however, due to fair value change of investment properties turned from a gain to a loss, and significantly increased sales expenses, operating profit turned into an operating loss of HKD 169.5 million, ultimately recording a loss for the year of HKD 292.1 million Key Data from Consolidated Statement of Profit or Loss | Metric | FY2025 (HKD '000) | FY2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,145,755 | 532,691 | +115.1% | | Gross Profit | 332,718 | 168,565 | +97.4% | | Other Income and Gains/(Losses) – Net | (33,841) | 6,123 | Turned from profit to loss | | Selling Expenses | (299,583) | (50,387) | +494.6% | | Fair Value Change of Investment Properties | (120,697) | 384,163 | Turned from profit to loss | | Operating Loss/(Profit) | (169,460) | 435,798 | Turned from profit to loss | | Finance Costs | (96,811) | (122,667) | -21.1% | | Loss/(Profit) Before Tax | (266,271) | 313,131 | Turned from profit to loss | | Loss/(Profit) for the Year | (292,055) | 298,450 | Turned from profit to loss | | Basic Loss/(Earnings) Per Share (Cents) | (20.56) | 21.02 | Turned from profit to loss | Consolidated Statement of Profit or Loss and Other Comprehensive Income This year recorded a net loss of HKD 292.1 million, coupled with other comprehensive loss of HKD 15.573 million, resulting in a total comprehensive loss for the year of HKD 307.6 million, compared to a total comprehensive income of HKD 298.8 million last year Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | FY2025 (HKD '000) | FY2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Loss/(Profit) for the Year | (292,055) | 298,450 | Turned from profit to loss | | Other Comprehensive Income (Net of Tax) for the Year | (15,573) | 306 | Turned from profit to loss | | Total Comprehensive Income for the Year | (307,628) | 298,756 | Turned from profit to loss | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets less current liabilities were HKD 3,566.5 million, a significant decrease from last year; net current liabilities were HKD 3,771.1 million, compared to net current assets of HKD 381.9 million last year, primarily due to reclassification of bank borrowings to current liabilities; net assets decreased to HKD 2,720.8 million Key Data from Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD '000) | March 31, 2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 7,337,557 | 6,880,503 | +6.6% | | Current Assets | 1,758,778 | 2,505,742 | -29.8% | | Current Liabilities | 5,529,849 | 2,123,872 | +160.4% | | Net Current Liabilities/(Assets) | (3,771,071) | 381,870 | Turned from net assets to net liabilities | | Total Assets Less Current Liabilities | 3,566,486 | 7,262,373 | -50.9% | | Non-current Liabilities | 845,660 | 4,309,367 | -80.4% | | Net Assets | 2,720,826 | 2,953,006 | -7.9% | Notes to the Consolidated Financial Statements 1. General Information, Basis of Preparation and Going Concern The Group primarily engages in building construction, property leasing, and property development; this year recorded a net loss of HKD 292.1 million, with net current liabilities reaching HKD 3,771.1 million, bank borrowings of HKD 5,066.5 million repayable within 12 months, and cash of only HKD 33.624 million, indicating a material uncertainty regarding going concern; management is actively negotiating waivers with banks and considering asset disposals to improve liquidity - The Group primarily engages in building construction, property leasing, and property development businesses[9] - The Group recorded a net loss of HKD 292.055 million in FY2024/25, and net current liabilities of HKD 3,771.071 million as of March 31, 2025[9] - As of March 31, 2025, the Group had bank borrowings of HKD 5,066.492 million repayable on demand or within twelve months after the reporting date, with cash and bank balances of only HKD 33.624 million[9] - The Group failed to comply with certain financial covenants for bank facilities, leading to HKD 4,313.943 million of bank borrowings being reclassified as current liabilities[9] - Management successfully obtained waivers for HKD 2,521.649 million of bank borrowings and is actively negotiating waivers for the remaining non-compliant covenants[10] - The Group is considering disposing of certain assets, including equity interests in two high-end data centers, iTech Tower 3.1 and 3.2, to enhance liquidity and reduce debt[10][46][60] - The Directors believe that despite material uncertainties, considering the aforementioned plans and measures, the Group will have sufficient working capital and that preparing the consolidated financial statements on a going concern basis is appropriate[11] 2. Changes in Accounting Policies The Group adopted several new standards, interpretations, and revised HKFRSs since April 1, 2024, but with no material impact on the consolidated financial statements; several standards effective in the future have not been early adopted, and their impact is being assessed - Revisions to Hong Kong Financial Reporting Standards adopted since April 1, 2024, had no material impact on the Group's consolidated financial statements[12] - The Hong Kong Institute of Certified Public Accountants has issued several standards, amendments, and interpretations effective for future accounting periods; the Group has decided not to early adopt and is assessing their