Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 12,727,000, a decrease of 20.4% from HKD 15,939,000 in the previous year[5] - Gross profit for the year was HKD 8,143,000, down 14.8% from HKD 9,563,000 in the prior year[5] - Profit before tax decreased to HKD 2,088,000, a decline of 57.6% compared to HKD 4,918,000 in the previous year[5] - Net profit attributable to owners of the company was HKD 2,001,000, down 58.5% from HKD 4,821,000 in the previous year[5] - Basic and diluted earnings per share decreased to HKD 0.22, compared to HKD 0.52 in the previous year[5] - The company reported a significant drop in service revenue from smart card systems and IT services, with service revenue at HKD 3,291,000, down 28.2% from HKD 4,586,000[13] - Maintenance service revenue also decreased to HKD 9,115,000 from HKD 10,940,000, a decline of 16.7%[13] - The pre-tax profit for 2024 was approximately HKD 7,766,000, a decrease of 14.6% from HKD 9,096,000 in 2023[17] - The basic earnings per share for 2024 were HKD 2,001,000, a decline of 58.5% compared to HKD 4,821,000 in 2023, with a weighted average of 925,508,000 shares outstanding[20] - The group recorded revenue of approximately HKD 13,000,000 for the year ending March 31, 2024, a decrease of 20% compared to the previous year[35] - Profit attributable to the company's owners for the year was approximately HKD 2,000,000, down from HKD 5,000,000 in the previous year[35] - The group's core business revenue, which includes smart card systems and IT services, decreased by 28% to HKD 3,612,016 compared to HKD 4,999,034 in the previous year[37] Assets and Liabilities - Total assets decreased to HKD 22,258,000 from HKD 26,093,000, a decline of 14.7%[7] - Current liabilities decreased to HKD 3,821,000 from HKD 5,096,000, a reduction of 25.0%[7] - Cash and cash equivalents decreased to HKD 18,570,000 from HKD 21,188,000, a decline of 12.3%[7] - The total trade receivables decreased to HKD 3,671,000 in 2024 from HKD 4,395,000 in 2023, reflecting a reduction of 16.5%[21] - Trade payables decreased to HKD 2,563,000 in 2024 from HKD 3,817,000 in 2023, indicating a reduction of 32.9%[23] - The deferred tax asset related to unutilized tax losses was approximately HKD 18,188,000 in 2024, a decrease from HKD 20,002,000 in 2023[18] Dividends - The proposed final dividend for 2024 is HKD 0.002 per share, down 60% from HKD 0.005 per share in 2023, with a total proposed dividend of HKD 1,851,016 compared to HKD 4,627,540 in 2023[19][26] - The company has not declared or paid any interim dividends during the year, and the proposed final dividend will not be reflected in the current year's financial statements but will be accounted for in subsequent years[26] Cost Management - Employee costs, including director remuneration, amounted to HKD 7,529,000 in 2024, down 14.2% from HKD 8,773,000 in 2023[17] - The total employee costs, including directors' remuneration, were approximately HKD 8,000,000, down from HKD 9,000,000 in the previous year[45] - The group's administrative expenses decreased by 8% to HKD 7,618,180, while R&D costs increased by 30% to HKD 1,215,032[37] Outlook and Strategy - The company maintains a cautious outlook due to external challenges such as geopolitical tensions and tight financial conditions affecting the recovery of the Hong Kong economy[31] - The company plans to continue rigorous financial measures to reduce costs and risks while actively adjusting its positioning to ensure long-term sustainable development[31] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ending March 31, 2024, and confirmed compliance with applicable accounting standards and GEM listing rules[54] - The company has adhered to all provisions of the GEM Corporate Governance Code for the year ending March 31, 2024, ensuring transparency, independence, accountability, and fairness[55] - The roles of the chairman and CEO are currently held by the same individual, Mr. Liu Han Guang, with the board assessing the need for separation of these roles periodically[57] - The company has not made any insurance arrangements for legal risks faced by directors, believing the likelihood of such risks is low due to the nature of its business[58] - All directors have complied with the securities trading code adopted by the company, which meets the standards set out in GEM listing rules[59] - The board of directors includes three executive directors and three independent non-executive directors, ensuring a balanced governance structure[61] Financial Position - The current ratio as of March 31, 2024, was 5.83, compared to 5.12 in the previous year, indicating a strong liquidity position[38] - The group maintained a zero debt-to-equity ratio as of March 31, 2024, consistent with the previous year[40] - The group did not engage in any significant investments or acquisitions during the year[42][44] - The group has no contingent liabilities as of March 31, 2024[49] - The group has not implemented any hedging measures to manage potential foreign exchange risks, as the costs are deemed higher than the benefits[48] Reporting - The annual report containing all required information will be published on the GEM website at the appropriate time[60]
ITE HOLDINGS(08092) - 2024 - 年度业绩