Financial Performance - The company reported a net loss of approximately HKD 20.2 million for the fiscal year ending March 31, 2023, an increase of about HKD 1.9 million compared to a net loss of HKD 18.3 million for the previous fiscal year[9]. - The company's total revenue decreased by approximately HKD 85.2 million or 20.6% from about HKD 412.9 million for the year ended March 31, 2022, to about HKD 327.7 million for the year ended March 31, 2023[18]. - Revenue from air cargo terminal operations decreased by approximately HKD 28.4 million or 17.4% to about HKD 135.0 million for the year ended March 31, 2023, compared to about HKD 163.4 million for the previous year[19]. - Revenue from warehousing and other value-added services decreased by approximately HKD 35.3 million or 26.0% to about HKD 100.3 million for the year ended March 31, 2023, down from about HKD 135.6 million[19]. - The net loss for the year ended March 31, 2023, was approximately HKD 20.2 million, an increase from HKD 18.3 million in 2022, primarily due to adverse external conditions affecting the logistics industry in Hong Kong[33]. - The net profit margin for the fiscal year ending March 31, 2023, was approximately -6.2%, compared to -4.4% in 2022[148]. - The return on equity for the same period was approximately -60.3%, up from -33.5% in 2022[148]. - The largest customer accounted for approximately 40.8% of total revenue for the fiscal year ending March 31, 2023, compared to 39.5% in 2022[156]. - The top five customers represented approximately 83.6% of total revenue, up from 79.6% in 2022[156]. Cost Management - The company continues to implement cost-saving measures and improve operational efficiency to mitigate the impact of COVID-19 on its business[9]. - Employee benefit expenses decreased by approximately HKD 8.9 million or 15.7% to about HKD 47.8 million for the year ended March 31, 2023, down from about HKD 56.7 million[24]. - Transportation costs decreased by approximately HKD 53.7 million or 28.5% to about HKD 134.7 million for the year ended March 31, 2023, compared to about HKD 188.5 million[28]. - Warehousing operating costs decreased by approximately HKD 5.7 million or 19.2% to about HKD 23.9 million for the year ended March 31, 2023, down from about HKD 29.6 million[29]. - Other expenses decreased by approximately HKD 3.4 million or 41.8% to about HKD 4.8 million for the year ended March 31, 2023, compared to about HKD 8.2 million[30]. - Operational costs were reduced by 5% through improved logistics processes and automation[54]. Strategic Outlook - The company remains optimistic about the logistics industry's development, particularly with the transition of mainland China from a zero-COVID policy to a no-restriction policy, which is expected to positively impact the logistics sector in Hong Kong[9]. - Future strategies will focus on deepening cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area and consolidating Hong Kong's position as a global international aviation and transportation hub[10]. - The company aims to enhance its market position in Hong Kong and expand its business in mainland China to attract potential customers[10]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[54]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming to reach $625 million[54]. Governance and Compliance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[77]. - The company has complied with all provisions of the corporate governance code during the reporting period[74]. - The board has established an audit committee, a nomination committee, and a remuneration committee to enhance governance practices[74]. - The independent non-executive directors have confirmed their independence in accordance with the GEM listing rules[77]. - The company emphasizes continuous professional development and training for directors and senior management[82]. - The board is responsible for guiding and supervising the company's affairs, ensuring effective internal controls and risk management systems are in place[93]. - The company has maintained a satisfactory and effective shareholder communication policy, with multiple channels established for communication with shareholders and investors[128]. Shareholder Information - The company did not declare a final dividend for the year ended March 31, 2023, consistent with the previous year[48]. - The board will review the dividend policy and has no predetermined dividend payout ratio, maintaining discretion over future dividends[112]. - The company encourages shareholders to attend meetings and vote, with all resolutions presented at the general meeting being voted on[120]. - The company has established procedures for shareholders to propose special meetings and nominate candidates for the board[123][125]. Employee and Diversity Initiatives - The company employed 201 full-time employees as of March 31, 2023, down from 225 in 2022, with employee costs for the year amounting to approximately HKD 46.1 million[39]. - The board currently includes one female director, achieving gender diversity, and aims to improve female representation in senior management[108]. - Approximately 23% of the group's employees are female, reflecting ongoing diversity measures at all employee levels[109]. Risk Management - The company has a strong focus on risk assessment and management, ensuring appropriate measures are in place to address potential risks[84]. - The audit committee reviewed the external auditor's independence and qualifications, as well as the potential impact of accounting policy changes on the financial statements[97]. - The internal audit function reviews the adequacy and effectiveness of the risk management and internal control systems annually[118].
亚洲速运(08620) - 2023 - 年度财报