Revenue and Profitability - The group's revenue from property investment remained stable at approximately HKD 3.6 million for the year, compared to HKD 3.8 million in the previous year[7]. - The gross profit from the drone accessories business was approximately HKD 57.5 million, with a gross profit margin of 42.8%[8]. - Revenue from wholesale business for garment customer A was HKD 29.3 million, down from HKD 39.0 million in the previous year, representing a decrease of approximately 25.5%[36]. - Revenue for the year ended March 31, 2024, increased to HKD 245,978,000 from HKD 206,538,000, representing a growth of approximately 19.1%[47]. - Gross profit rose to HKD 55,349,000, up from HKD 37,787,000, reflecting a significant increase of about 46.5%[47]. - Total revenue for the year 2024 reached HKD 245,978,000, an increase from HKD 206,538,000 in 2023, representing a growth of approximately 19.1%[79]. - Sales of drone products and related accessories amounted to HKD 134,508,000, with no prior year comparison available[79]. - Revenue from watch products was HKD 76,210,000, down from HKD 115,109,000 in the previous year, reflecting a decline of approximately 33.8%[79]. - Revenue from garment and sportswear exports was HKD 31,642,000, a decrease from HKD 48,469,000 in 2023, indicating a decline of about 34.6%[79]. - The company reported a total operating loss of HKD 57,987,000 for the year 2024, compared to a profit of HKD 2,717,000 in 2023[84]. - The company reported a pre-tax loss of HKD 67,246,000 for the year, with a loss from continuing operations amounting to HKD 66,577,000[96]. - The company reported a loss attributable to owners of the company of HKD 58,364,000 for the year 2024, compared to a loss of HKD 24,652,000 in 2023, indicating a significant increase in losses[128]. Expenses and Liabilities - Administrative expenses increased by approximately 78.2% to about HKD 31 million, primarily due to the acquisition of new subsidiaries during the year[10]. - The company reported a significant increase in administrative expenses, which rose to HKD 30,956,000 from HKD 17,414,000, an increase of about 77.8%[47]. - The company's total borrowings amounted to approximately HKD 420 million as of March 31, 2024, compared to HKD 410 million in the previous year[16]. - The company's total liabilities included trade and other payables of HKD 29,731,000 in 2024, down from HKD 96,710,000 in 2023[118]. - The expected credit loss under the credit loss model increased by 617.5% from approximately HKD 9.7 million in the previous year to about HKD 69.6 million this year, primarily due to difficulties in repayment from five major customers[181]. - Financial expenses rose by approximately 114.3% from about HKD 1.4 million in the previous year to approximately HKD 3 million this year, mainly due to floating rate loans influenced by the international financial market[183]. Assets and Investments - Non-current assets totaled HKD 194,878,000, an increase from HKD 144,661,000 year-over-year[57]. - Current assets decreased to HKD 213,021,000 from HKD 347,969,000, a decline of about 38.8%[57]. - The company's net asset value increased to HKD 284,231,000 from HKD 276,205,000, reflecting a growth of approximately 2.9%[50]. - The company’s investment properties were valued at approximately HKD 95.9 million as of March 31, 2024[153]. - The company recognized inventory costs of HKD 190,498,000 in 2024, up from HKD 162,798,000 in 2023, marking an increase of about 17%[128]. - The fair value change of investment properties resulted in a loss of HKD 3,115,000 in 2024, compared to a loss of HKD 1,629,000 in 2023[129]. Strategic Initiatives - The group aims to diversify its business and seek new opportunities to generate better returns for shareholders[14]. - The company has diversified its business into consumer products, drones, and property investment, indicating a strategic expansion into new markets[51]. - The company completed the acquisition of Shandong Longyi Aviation Technology Co., Ltd. for approximately HKD 30,946,000 on August 1, 2023, enhancing its capabilities in drone research and development[80]. - The company completed the acquisition of Long Wing Group for a total consideration of approximately HKD 30,946,000, with the transaction finalized on August 1, 2023[136]. - The company has expanded its product line by acquiring Sinoforce Group Limited, which is the exclusive distributor of certain luxury watch brands in Hong Kong, Taiwan, and China[151]. Market Performance and Future Outlook - The company plans to continue expanding its market presence, particularly in the African and Middle Eastern regions, where revenues were HKD 31,642,000 and HKD 58,411,000 respectively[99]. - The company plans to hold properties for rental income while monitoring the performance of the property market in Hong Kong and China for potential restructuring opportunities[184]. - The company currently has no foreign exchange and interest rate hedging policies but will consider hedging significant risks as needed[190]. - The company has established financial risk management policies to ensure the settlement of all receivables and payables within the credit period[188]. Compliance and Reporting - The company has applied revised Hong Kong Financial Reporting Standards, which may impact future financial reporting[52]. - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[77].
国能国际资产(00918) - 2024 - 年度业绩