Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately HKD 250.6 million, an increase of approximately HKD 46.6 million or 22.8% compared to HKD 204.0 million for the year ended December 31, 2022[9]. - The loss for the year (after tax) was approximately HKD 33.4 million, including an impairment loss of non-current assets of HKD 9.2 million, compared to a loss of approximately HKD 47.9 million for the year ended December 31, 2022, which included an impairment loss of approximately HKD 21.3 million[9]. - The gross profit for the year was approximately HKD 127.1 million, compared to HKD 106.4 million for the previous year, reflecting an increase in gross profit margin[10]. - The total comprehensive loss for the year was approximately HKD 32.8 million, a decrease from HKD 48.7 million in the previous year[11]. - Basic and diluted loss per share for the year was HKD 19.83, compared to HKD 35.13 for the previous year[11]. - The company reported a net loss before tax of approximately HKD 33.4 million, a reduction from HKD 47.9 million in the previous year[10]. - The company reported a net loss of HKD 33,433,000 for 2023, compared to a net loss of HKD 47,888,000 in 2022, reflecting an improvement of about 30.2%[39]. - The impairment loss on non-financial assets (excluding goodwill) was HKD 9,182,000 for 2023, compared to HKD 21,268,000 in 2022, indicating a reduction of approximately 56.8%[39]. - The company recorded a loss attributable to shareholders of approximately HKD 33.4 million, an improvement from a loss of approximately HKD 46.4 million in the previous year[65]. Revenue Breakdown - Revenue from customer contracts at a point in time was HKD 130,888,000 for 2023, down from HKD 148,232,000 in 2022, indicating a decrease of about 11.7%[39]. - Revenue from hotel services for the year was HKD 94,420,000, compared to HKD 35,183,000 in the previous year, showing a significant increase of approximately 168.5%[38]. - Revenue from external customers in Hong Kong was HKD 149,682,000 in 2023, up from HKD 124,852,000 in 2022, representing an increase of about 19.9%[40]. - Revenue from furniture sales decreased by approximately HKD 17.3 million or 11.7% to about HKD 130.9 million, primarily due to declines in retail sales in Hong Kong and Dubai[72]. - Furniture rental revenue increased by approximately HKD 4.7 million or 22.8% to about HKD 25.3 million, mainly from new rental contracts in the UAE[77]. - Project engineering revenue surged over twofold to approximately HKD 94.4 million from about HKD 35.2 million, driven by the completion of multiple projects in Hong Kong[78]. Expenses and Costs - The total operating expenses for the year were approximately HKD 96.1 million, compared to HKD 87.1 million in the previous year, indicating increased operational costs[10]. - Selling and distribution costs increased by approximately HKD 3.5 million or 7.4% to about HKD 50.9 million, primarily due to increased commission expenses from project engineering business[82]. - Management and other operating expenses rose by approximately HKD 9.0 million or 10.3% to about HKD 96.1 million, mainly due to increased director remuneration[83]. - Financial expenses increased to approximately HKD 2.9 million from HKD 1.1 million in the previous year, primarily due to increased bank loans for UAE operations[87]. Assets and Liabilities - Total assets increased to HKD 145,971,000 in 2023 from HKD 116,153,000 in 2022, representing a growth of approximately 25.6%[13]. - Current liabilities rose to HKD 126,596,000 in 2023, up from HKD 74,526,000 in 2022, indicating an increase of about 69.9%[14]. - The total liabilities increased to HKD 120,828,000 in 2023 from HKD 74,526,000 in 2022, representing a rise of about 62.0%[14]. - The company's equity attributable to owners decreased to HKD 34,747,000 in 2023 from HKD 37,501,000 in 2022, a decline of approximately 7.4%[14]. - The company reported a net asset value of HKD 34,244,000 in 2023, down from HKD 39,982,000 in 2022, indicating a decrease of approximately 14.0%[14]. Corporate Governance and Compliance - The company has adopted a set of guidelines regarding directors' securities trading, confirming that all directors complied with the trading standards throughout the year[115]. - The company will continue to review its corporate governance structure to assess whether the roles of Chairman and CEO should be separated[107]. - The group has not purchased, sold, or redeemed any of its securities during the year ending December 31, 2023[113]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[122]. - The previous auditor, Dahua Ma Shi Yun CPA Limited, resigned due to unresolved issues during the audit process, and Chang Ying was appointed as the new auditor effective March 18, 2024[126]. Future Outlook and Strategy - The company aims to enhance its market presence and explore new strategies for growth in the upcoming fiscal year[9]. - The company plans to expand its market presence and enhance product offerings in the furniture rental and design consultation services[16]. - The group anticipates an overall increase in demand for residential properties in Hong Kong following the government's removal of demand management measures[70]. - The group plans to continue organic growth and seek suitable acquisitions to further expand its business in the coming years[70]. - The company is considering not renewing leases for existing retail stores and will reassess new locations for retail stores[69]. - The company expects ongoing challenges in the operating environment due to inflation, interest rate hikes, and global economic pressures[69].
PACIFIC LEGEND(08547) - 2023 - 年度业绩