Financial Performance - The company's revenue for the year ended March 31, 2022, was HKD 76,887,000, a decrease of 26.5% compared to HKD 104,601,000 for the year ended March 31, 2021[4]. - The cost of sales decreased to HKD 73,910,000 from HKD 120,414,000, resulting in a gross profit of HKD 2,977,000, compared to a gross loss of HKD 15,813,000 in the previous year[4]. - The net loss for the year was HKD 10,419,000, an improvement from a net loss of HKD 29,450,000 in the prior year, indicating a reduction in losses by approximately 64.7%[4]. - Basic and diluted loss per share improved to HKD 1.30 from HKD 3.68 in the previous year, reflecting a significant reduction in per-share losses[4]. - The group reported a net loss of approximately HKD 10,419,000 for the year ended March 31, 2022[17]. - The group incurred a loss before tax of HKD 10,183,000 and a total annual loss of HKD 10,419,000 for the fiscal year ending March 31, 2022[26]. - The company reported a pre-tax loss of HKD 10,183,000 for the year ended March 31, 2022, compared to a loss of HKD 29,361,000 in 2021, indicating a significant improvement[56]. - The net loss attributable to owners for the year ended March 31, 2022, was approximately HKD 10.4 million, a reduction from a net loss of approximately HKD 29.5 million for the year ended March 31, 2021[98]. Assets and Liabilities - The company's total assets as of March 31, 2022, were HKD 64,191,000, compared to HKD 18,714,240,000 in the previous year[6]. - The total liabilities were HKD 51,839,000, which is an increase from HKD 44,136,000 in the previous year, indicating a rise in financial obligations[7]. - As of March 31, 2022, the group's current liabilities and total liabilities were approximately HKD 44,212,000 and HKD 51,839,000, respectively[17]. - The group’s total liabilities as of March 31, 2022, amounted to HKD 116,030,000, with segment liabilities for construction engineering at HKD 45,548,000[34]. - The total current assets decreased from HKD 64,191,000 to HKD 60,119,000, a reduction of HKD 4,072,000[1]. - The total current liabilities increased from HKD 108,403,000 to HKD 113,943,000, an increase of HKD 5,540,000[1]. - The group's liabilities to shareholders increased significantly, from HKD 18,151,000 to HKD 26,693,000, an increase of HKD 8,542,000[1]. Revenue Sources - For the fiscal year ending March 31, 2022, the group reported a total revenue of HKD 76,887,000, with construction engineering contributing HKD 72,358,000 and new energy charging pile services contributing HKD 4,529,000[27]. - The group’s revenue primarily came from Hong Kong (HKD 54,305 million) and China (HKD 22,582 million) in 2022[42]. - Major customers contributing over 10% of total revenue included Customer A at HKD 18,116 million and Customer C at HKD 16,138 million[44]. Operational Changes and Strategies - The company has been focusing on expanding its services in construction engineering and new energy charging pile supply and installation services in Hong Kong and China[9]. - The group has initiated new energy charging pile supply and installation business in China during the fiscal year[23]. - The group aims to diversify its business and explore new opportunities to benefit the overall interests of the company and its shareholders[91]. - The group faced challenges in the construction industry due to increased competition and rising costs, but management believes the market conditions will begin to improve[90]. Financial Management and Reporting - The financial statements have been prepared on a going concern basis, relying on cash flow forecasts and commitments from directors[18]. - The group intends to adopt new financial reporting standards when they become effective, which may impact the consolidated financial statements[12]. - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards and relevant regulations[16]. - The group is currently evaluating the potential effects of these new standards on its financial reporting[15]. Employee and Corporate Governance - As of March 31, 2022, the group employed a total of 20 employees, a decrease from 50 employees in 2021[118]. - The total employee compensation for the year ended March 31, 2022, was approximately HKD 8.9 million, down from HKD 25.2 million in 2021[118]. - The company has not established an internal audit function as of March 31, 2022, and is considering appointing external professionals for this role[127]. - The company has complied with the corporate governance code, except for a deviation regarding the establishment of an internal audit function[126]. Miscellaneous - The board proposed to change the company's name to "China Hongbao Holdings Limited" and "中國紅包控股有限公司" on June 2, 2022[120]. - The proposed name change is subject to shareholder approval at a special meeting scheduled for August 10, 2022[121]. - The company expressed gratitude to its customers, suppliers, and business partners for their support, as well as appreciation for the contributions of its shareholders and employees during the year[135].
中国红包(08316) - 2022 Q4 - 年度财报