Financial Performance - For the year ended December 31, 2023, the company reported a revenue of HKD 23,437,000, a decrease of 4.8% compared to HKD 24,612,000 in 2022[2] - The gross profit for the year was HKD 18,241,000, down 8.6% from HKD 19,960,000 in the previous year[2] - The company incurred a net loss of HKD 40,816,000 for the year, compared to a profit of HKD 12,184,000 in 2022, representing a significant decline[4] - The company reported a comprehensive loss of HKD 40,753,000 for the year, compared to a comprehensive income of HKD 12,621,000 in 2022[5] - The financing costs increased to HKD 7,627,000, up 124.5% from HKD 3,400,000 in the prior year[2] - Interest income from bank deposits decreased to HKD 981,000 in 2023 from HKD 1,660,000 in 2022, reflecting a decline of 41.0%[28] - The total tax expense for the year was HKD 2,748,000, an increase from HKD 2,525,000 in the previous year[32] Assets and Liabilities - The total assets less current liabilities amounted to HKD 1,498,590,000, down from HKD 1,546,473,000 in 2022[7] - The company's cash and cash equivalents decreased to HKD 158,992,000 from HKD 173,781,000, reflecting a decline of 8.5%[7] - The net asset value decreased to HKD 1,471,711,000 from HKD 1,520,227,000, indicating a reduction of 3.2%[9] - Trade receivables significantly dropped to HKD 224,000 from HKD 1,525,000, a decrease of 85.3%[7] - The company's total borrowings as of December 31, 2023, were approximately HKD 294,700,000, a decrease from HKD 307,900,000 in 2022[46] - The debt-to-equity ratio was approximately 20.02% as of December 31, 2023, slightly down from 20.25% in the previous year[48] - The company has no significant contingent liabilities as of December 31, 2023, indicating a stable financial position[49] Employee and Operational Costs - The total employee costs rose to HKD 2,575,000 in 2023 from HKD 2,372,000 in 2022, an increase of 8.5%[29] - The company employed approximately 6 staff members as of December 31, 2023, with total employee expenses of about HKD 2,600,000, up from HKD 2,400,000 in 2022[53] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 1.2 cents per share, maintaining the same level as the previous year, resulting in total dividends of HKD 7,763,000 for 2023[34] Market Environment and Future Outlook - The global business environment in 2023 is challenging due to geopolitical conflicts, high inflation, and interest rates, particularly affecting economic growth in Hong Kong and mainland China[54] - The Hong Kong government plans to relax property stamp duty requirements in Q1 2024, which is expected to improve the real estate market sentiment[54] - Malaysia's relaxation of visa policies for Chinese tourists and broader investment incentives are anticipated to boost the tourism and business investment sectors, benefiting the real estate industry[56] - The company is actively seeking opportunities to acquire quality real estate and land reserves in Malaysia to diversify its real estate investment and development portfolio[56] Accounting Policies and Standards - The group confirmed that the cumulative impact of accounting policy changes was not significant, thus no adjustments were made to the opening accumulated losses or other components of equity[20] - The group has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating no anticipated significant impact on the financial statements[21] Revenue Sources - The group's rental income from investment properties for the year 2023 was HKD 23,437,000, a decrease of 4.8% from HKD 24,612,000 in 2022[25] - Rental income decreased by approximately HKD 1,200,000 or 5% to about HKD 23,400,000 for the year ended December 31, 2023, down from HKD 24,600,000 in 2022[41] - The group reported no single external customer contributing 10% or more to total revenue for the years ended December 31, 2023, and 2022[25] Current Liabilities - The company’s current liabilities totaled HKD 316,717,000, down from HKD 329,375,000 in the previous year[7]
东方兴业控股(00430) - 2023 - 年度业绩