Financial Performance - The company's revenue decreased from approximately $27.47 million in the year ended October 31, 2022, to about $14.27 million in the current year, representing a decline of approximately 48%[4] - The company recorded a loss of approximately $2.79 million for the current year, compared to a loss of $1.38 million in the previous year, indicating an increase in losses of about 102%[4] - Basic and diluted loss per share for the current year was 1.11 cents, compared to 0.55 cents in the previous year, reflecting a 102% increase in loss per share[8] - Gross profit for the current year was $2.185 million, down from $4.917 million in the previous year, marking a decline of approximately 56%[6] - The company reported a pre-tax loss of $(2.884) million, compared to a loss of $(1.241) million in the previous year[26] - The pre-tax loss for the year 2023 was approximately $2,787,000, compared to a loss of $1,377,000 in 2022, indicating an increase in losses year-over-year[37] Assets and Liabilities - Total assets decreased from $27.34 million in the previous year to $24.608 million, a reduction of about 11%[10] - The company's cash and cash equivalents decreased from $1.233 million to $0.259 million, a decline of approximately 79%[10] - The company's net asset value decreased from $16.172 million to $13.749 million, a decline of approximately 15%[11] - Trade receivables increased to $4,188,000 in 2023 from $3,623,000 in 2022, marking an increase of approximately 15.6%[40] - The total trade and other payables rose to $5,260,000 in 2023, up from $3,366,000 in 2022, indicating an increase of approximately 56.2%[46] - The company's total liabilities to equity ratio as of October 31, 2023, was approximately 81%, down from 86% on October 31, 2022[111] Revenue Breakdown - Total revenue for the year ended October 31, 2023, was $14.265 million, a decrease of 48% from $27.474 million in the previous year[26] - The sales of bus bodies and kits generated $11.33 million, while the sales of parts and related services contributed $2.935 million[26] - Revenue from external customers in Malaysia decreased to $2.703 million from $3.752 million, while revenue from Hong Kong increased to $5.426 million from $3.346 million[31] - Revenue from the Uzbekistan market was recorded at approximately $6.96 million from the delivery of 190 single-decker buses in the previous fiscal year, with no deliveries made in the current year[67] - Revenue from the US market decreased by approximately $1.97 million or 66.8%, from about $2.95 million to approximately $0.98 million, due to the delivery of only 14 electric buses[67] - Revenue from the Australian market decreased by approximately $2.63 million or 66.1%, from about $3.98 million to approximately $1.35 million, attributed to a reduction in bus deliveries from 45 to 18 units[68] Operational Highlights - The company delivered a total of 108 completed buses and 46 fully assembled kits during the year[63] - The sales of completed buses contributed approximately 79% of the total revenue in 2023, up from 78% in 2022[66] - The company aims to expand its market presence in regions such as New Zealand and Hong Kong, where completed bus orders have increased[66] - The demand for aluminum buses is expected to drive business growth due to their compliance with environmental standards and better energy efficiency[62] Cost Management - Total employee costs decreased to $2,780,000 in 2023 from $3,169,000 in 2022, reflecting a reduction of approximately 12.3%[32] - General and administrative expenses decreased by approximately $0.29 million or 6.5%, from about $4.45 million to approximately $4.16 million, primarily due to a reduction in average employee numbers[80] - Inventory costs significantly dropped to $12,080,000 in 2023 from $22,557,000 in 2022, representing a decrease of about 46.4%[32] Strategic Initiatives - The company aims to become a leading bus manufacturing solution provider in Asia, capitalizing on the growing demand for public transportation due to urbanization and population growth[95] - The company plans to expand its manufacturing capacity and invest in product development, focusing on electric bus body solutions and enhancing automation in existing facilities[97] - The company is targeting the increasing demand for electric vehicles in the Asia-Pacific region, with a focus on Malaysia and Singapore as core markets[96] - The company intends to diversify its product portfolio by developing lighter vehicle bodies to improve battery efficiency and performance, catering to the growing demand for electric vehicles[101] Corporate Governance - The company has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value[116] - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process and internal controls[129] - The company has complied with the securities trading standard code throughout the year, confirming no breaches by employees[127] Future Outlook - The company is actively seeking to expand its business and evaluate different opportunities near its headquarters to enhance profitability and shareholder returns[102] - The company continues to strengthen its after-sales service and marketing teams to provide timely support to customers and improve relationships through feedback collection[99]
彭顺国际(06163) - 2023 - 年度业绩