香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承 擔 任 何 責 任。 Progressive Path Group Holdings Limited 進昇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1581） 截 至2025年3月31日止年度之年度業績公告 財務摘要 – 1 – • 於本年度的收入約為913.8百 萬 港 元，較 截 至2024年3月31日止年度增加 約25.4%。 • 於本年度的毛利約為63.4百 萬 港 元，較 截 至2024年3月31日止年度的毛利 約57.8百萬港元增加約5.6百 萬 港 元。 • 於本年度的毛利率減至約6.9%，而 截 至2024年3月31日止年度為7.9%。 • 於本年度的所得稅抵免約為4.6百 萬 港 元，而 截 至2024年3月31日止年度 所得稅開支約為1.7百 萬 港 元 ...

Financial Performance - The company recorded revenue of approximately HKD 480.0 million for the six months ended September 30, 2024, representing an increase of about 60.4% compared to HKD 299.2 million for the same period in 2023[5]. - Net profit increased from approximately HKD 3.0 million for the six months ended September 30, 2023, to about HKD 12.2 million for the current period, primarily due to increased revenue from construction projects related to the Three Runway System[5]. - Revenue for the six months ended September 30, 2024, reached HKD 479,970,000, a 60.5% increase from HKD 299,220,000 in the same period of 2023[58]. - The group reported a total segment profit of HKD 22,039,000 for the six months, compared to HKD 12,653,000 in the same period last year, reflecting a 74.5% increase[63]. - The group’s pre-tax profit for the six months was HKD 15,072,000, compared to HKD 3,052,000 in the previous year[63]. Revenue Breakdown - Revenue from construction engineering was approximately HKD 330.7 million, accounting for about 68.9% of total revenue, a significant increase from 52.5% in the previous period[11]. - Revenue from construction machinery leasing was approximately HKD 149.3 million, accounting for about 31.1% of total revenue, an increase from 47.5% in the previous period[15]. - Construction engineering revenue was HKD 330,662,000, up 110.5% from HKD 157,192,000 year-over-year[58]. - Construction machinery leasing revenue increased to HKD 149,308,000, a rise of 5.4% compared to HKD 142,028,000 in the previous year[58]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 613,285,000, compared to HKD 597,266,000 as of March 31, 2024[70]. - Total liabilities increased slightly to HKD 344,491,000 from HKD 340,654,000 as of March 31, 2024[70]. - The company's non-current assets decreased to HKD 209,185,000 as of September 30, 2024, from HKD 235,260,000 as of March 31, 2024, a decline of 11.1%[40]. - Current liabilities totaled HKD 298,981,000 as of September 30, 2024, compared to HKD 278,283,000 as of March 31, 2024, representing an increase of 7.4%[40]. Profitability and Costs - The group's gross profit increased from approximately HKD 19.5 million to about HKD 34.1 million, with a gross margin rising from 6.5% to 7.1%[16][17]. - Other income rose from approximately HKD 2.0 million to about HKD 3.9 million, primarily due to an increase in non-operating income such as maintenance and other service revenues[18]. - The total employee cost for the period was approximately HKD 123.9 million, up from HKD 101.8 million in the previous period[31]. - The group's financing costs decreased by approximately 13.6%, from about HKD 7.2 million to HKD 6.2 million, due to a reduction in interest-bearing debt[20]. Shareholder Returns and Dividends - The company does not plan to declare any interim dividends for the period[24]. - The company did not declare or recommend any dividends for the six months ended September 30, 2024, consistent with the previous year[82]. Market Outlook - The Hong Kong government projects a peak in basic engineering expenditure over the next three years, averaging about HKD 90 billion annually, which is a 17% increase compared to the previous five-year average[6]. - The construction market in Hong Kong is expected to face short-term declines due to major infrastructure projects, but the government views the construction industry as a key economic driver[25][27]. Corporate Governance - The company maintains a strong commitment to corporate governance, ensuring transparency and accountability in its operations[126]. - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions during the reporting period, except for a specific deviation regarding the separation of roles between the chairman and CEO[127]. - The company is focused on enhancing its corporate governance practices to align with its business operations and development[127]. Management and Personnel - The total compensation for key management personnel during the reporting period was HKD 3,525,000, a slight increase from HKD 3,510,000 in the previous year, representing a 0.43% increase[122]. - Independent non-executive director Mr. Li Wentai has resigned from the board of directors of Runhong Silicon Group Holdings Limited, effective November 18, 2024[143]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's unaudited condensed interim financial information for the period[144].

Financial Performance - Revenue for the six months ended September 30, 2024, was approximately HKD 480.0 million, an increase of about 60.4% compared to HKD 299.2 million for the same period in 2023[1] - Gross profit for the six months ended September 30, 2024, was approximately HKD 34.1 million, up from HKD 19.5 million for the same period in 2023[1] - Gross margin increased from approximately 6.5% for the six months ended September 30, 2023, to approximately 7.1% for the six months ended September 30, 2024[1] - Profit attributable to owners of the company for the six months ended September 30, 2024, was approximately HKD 12.2 million, compared to HKD 3.0 million for the same period in 2023[1] - Earnings per share for the six months ended September 30, 2024, was approximately HKD 2.94, compared to HKD 0.73 for the same period in 2023[1] - The group reported a pre-tax profit of HKD 15,072,000 for the six months ended September 30, 2024, compared to HKD 3,052,000 for the same period in 2023[25] - Other income for the six months ended September 30, 2024, was HKD 3,943,000, an increase of 97.5% compared to HKD 1,991,000 for the same period in 2023[32] - Financing costs decreased to HKD 6,183,000 for the six months ended September 30, 2024, down 13.5% from HKD 7,155,000 in 2023[32] - Income tax expense for the six months ended September 30, 2024, was HKD 2,890,000, significantly higher than HKD 30,000 in 2023[34] - Profit before tax for the six months ended September 30, 2024, was HKD 49,638,000, compared to HKD 52,299,000 in 2023, reflecting a decrease of 5.1%[35] - Basic and diluted earnings attributable to shareholders for the six months ended September 30, 2024, were HKD 12,183,000, a substantial increase of 303.5% from HKD 3,023,000 in 2023[38] Revenue Breakdown - Construction engineering revenue was HKD 330,662,000, up 110.5% from HKD 157,192,000 year-on-year[20] - Construction machinery rental revenue was HKD 149,308,000, a slight increase of 5.6% compared to HKD 142,028,000 in the previous year[20] - Construction engineering revenue amounted to approximately HKD 330.7 million, accounting for about 68.9% of total revenue, a significant increase from 52.5% in the previous period[54] - Revenue from construction machinery leasing was approximately HKD 149.3 million, representing an increase from HKD 142.0 million in the previous period, and accounted for about 31.1% of total revenue[62] Assets and Liabilities - Total assets less current liabilities amounted to HKD 314.3 million as of September 30, 2024, compared to HKD 319.0 million as of March 31, 2024[5] - Total assets as of September 30, 2024, amounted to HKD 613,285,000, compared to HKD 597,266,000 as of March 31, 2024[29] - Total liabilities as of September 30, 2024, were HKD 344,491,000, slightly up from HKD 340,654,000 as of March 31, 2024[29] - Trade receivables increased to HKD 274.9 million as of September 30, 2024, from HKD 252.5 million as of March 31, 2024[5] - Trade receivables as of September 30, 2024, amounted to HKD 312,286,000, up from HKD 285,897,000 as of March 31, 2024, representing a growth of 9.2%[40] - Trade payables as of September 30, 2024, were HKD 94,610,000, an increase from HKD 84,803,000 as of March 31, 2024, indicating a rise of 11.3%[44] - Total bank borrowings as of September 30, 2024, were HKD 72,611,000, a decrease of 2.9% from HKD 74,788,000 as of March 31, 2024[46] - The debt-to-equity ratio improved to approximately 57.4% as of September 30, 2024, down from 72.7% on March 31, 2024, a reduction of about 15.3%[70] Operational Insights - The company continues to focus on construction engineering and machinery leasing as its main business activities[15] - The company has 13 ongoing projects with a total uncompleted contract value of approximately HKD 184.8 million, with seven projects expected to be completed by March 31, 2025[54] - The group employed 467 staff as of September 30, 2024, down from 508 staff a year earlier, with total employee costs amounting to approximately HKD 123.9 million, compared to HKD 101.8 million for the same period last year[77] - The group has equipped various machinery to meet market demand and plans to enhance equipment to improve production efficiency[74] - The group does not anticipate any significant foreign exchange risk as most transactions are conducted in Hong Kong dollars[76] Future Outlook - The Hong Kong government is expected to maintain high levels of infrastructure spending, averaging about HKD 90 billion annually over the next three years, reflecting a growth of about 17% compared to the previous five-year average[49] - The group is optimistic about the construction industry outlook due to significant infrastructure projects expected to impact the market positively[72] Corporate Governance - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2024[1] - The company did not declare or recommend any dividends for the six months ended September 30, 2024, and 2023[36] - The company has not appointed a CEO, but the board believes that the power and authority can be balanced through its operations[86] - The company has adopted a stock option plan to attract and retain qualified personnel since November 15, 2016, but no options have been granted or exercised during the period[88] - The independent non-executive director has resigned from another company effective November 18, 2024[90] - The audit committee has reviewed the unaudited condensed consolidated interim financial information for the period[93] - The interim report for the six months ending September 30, 2024, will be sent to shareholders and published on the company's website[94]

Environmental Impact - The total greenhouse gas emissions for the year 2024 amounted to 5,804 tons, an increase from 3,295 tons in 2023, representing a 76% rise[29]. - The density of greenhouse gas emissions was recorded at 8 tons per million HKD in revenue, up from 6 tons per million HKD in 2023, indicating a 33% increase[29]. - The company reported a total of 5,798 tons of fuel combustion emissions for 2024, significantly higher than the 3,289 tons reported in 2023, marking a 76% increase[29]. - The company has implemented strict measures to avoid and control pollution and greenhouse gas emissions, including using more energy-efficient fuels for machinery[40]. - The company is committed to identifying climate risks and developing effective strategies to mitigate and adapt to climate change impacts on its business[46]. - The company has set a greenhouse gas emission reduction target of 2-3% over the next five years, with a short-term goal to maintain lower emission density in the coming year[30]. Waste Management - The company disposed of 461 kilograms of general office waste, a decrease from 564 kilograms in 2023, reflecting an 18% reduction[21]. - The company has established centralized collection points for recycling used office paper, ensuring it is processed and reintroduced into the production cycle[33]. - The company has implemented a "4R" principle (Reduce, Reuse, Recycle, Replace) for resource management, focusing on effective utilization of paper, electricity, and water[43]. Employee Statistics - The total number of employees is 500, with 96% being male and 4% female, showing a slight decrease in female representation from 5% in 2023[49]. - The turnover rate for full-time employees is approximately 23%, an increase from 17% in 2023, indicating a need for improved employee retention strategies[51]. - The company has a total of 431 temporary workers, making up 86% of its workforce, indicating a reliance on temporary labor[49]. - The company has arranged safety training for workers, emphasizing the correct use of personal protective equipment to enhance safety awareness on construction sites[62]. - The company has not reported any work-related fatalities in the past three years, maintaining a focus on employee safety[69]. - The company encourages employee participation in training programs to enhance professional skills and ensure equal training opportunities for all staff[55]. Financial Performance - The group's revenue increased by approximately 42.6% from about HKD 511.0 million for the year ended March 31, 2023, to approximately HKD 728.5 million for the year ended March 31, 2024[79]. - The profit attributable to the company's owners was approximately HKD 22.2 million for the year ended March 31, 2024, compared to a loss of approximately HKD 22.0 million for the year ended March 31, 2023[79]. - The net profit for the year was approximately HKD 22.2 million, a turnaround from a net loss of about HKD 22.0 million in the previous year[116]. - The gross profit increased by approximately HKD 54.1 million to about HKD 57.8 million, with a gross profit margin rising by about 7.2%[115]. - Administrative expenses decreased by approximately 7.1% to about HKD 22.2 million from HKD 23.9 million in the previous year, attributed to effective cost control measures[108]. Construction Projects - Revenue from construction projects was approximately HKD 408.4 million, accounting for about 56.1% of total revenue, compared to HKD 200.6 million and 39.3% in the previous year[92]. - The group secured four new projects and received ten contracts from existing projects during the year[92]. - The total uncompleted contract amount as of March 31, 2024, was HKD 143.0 million across sixteen projects[92]. - The ongoing development of the three-runway system and other major infrastructure projects is expected to sustain strong demand in the construction market for the coming years[86]. - The group anticipates the completion of fourteen projects by March 31, 2025, with one project expected to complete by March 31, 2026, and another by March 31, 2027[92]. Corporate Governance - The company has implemented several environmental, social, and governance initiatives integrated into its corporate strategy and operations[25]. - The company has established a governance framework to ensure accountability for environmental, social, and governance initiatives[25]. - The company has engaged an external independent consultant to review the effectiveness of its risk management and internal control systems[15]. - The company has implemented a zero-tolerance policy towards bribery and corruption, with a focus on maintaining high levels of business integrity and transparency[72]. - The company has conducted regular systematic assessments to mitigate fraud risks, ensuring all employees receive training related to bribery and corruption[72]. Shareholder Information - The company has established multiple communication channels to maintain transparency and effective communication with shareholders[66]. - The retained earnings available for distribution to shareholders as of March 31, 2024, amount to approximately HKD 49,481,000[162]. - The company has not proposed any final dividends for the year, reflecting a conservative approach to shareholder returns[146]. - Public shareholders hold at least 25% of the company's total issued share capital as of the report date[195]. Market Outlook - The group remains cautiously optimistic about the future of the Hong Kong construction industry, driven by long-term land and housing development[143]. - The strategic position of Hong Kong in the Greater Bay Area enhances its role as a trade, finance, and logistics hub, providing opportunities for infrastructure development[126]. - The Hong Kong government is committed to increasing public housing supply, with plans to build approximately 410,000 public housing units over the next decade[86].

Financial Performance - For the fiscal year ending March 31, 2024, the construction engineering segment is projected to achieve a profit of approximately HKD 24,020,000, compared to a loss of HKD 983,000 in the previous year[12]. - The construction machinery leasing segment is expected to report a profit of around HKD 12,001,000, recovering from a loss of HKD 24,089,000 in the prior year[12]. - The company reported a profit attributable to shareholders of approximately HKD 22.2 million for the year ended March 31, 2024, compared to a loss of HKD 22.0 million for the year ended March 31, 2023, primarily due to new contracts and improved cost control[19]. - The group reported a total segment profit of HKD 44,350,000 for 2024, compared to a loss of HKD 18,826,000 in 2023, marking a turnaround in profitability[121]. - The group recorded a net profit of approximately HKD 22.2 million this year, reversing from a net loss of approximately HKD 22.0 million last year[166]. Revenue and Growth - The total revenue for the year ending March 31, 2024, was approximately HKD 408.4 million, representing a 103.5% increase from HKD 200.6 million in 2023, accounting for 56.1% of total revenue compared to 39.3% in the previous year[46]. - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 728.5 million, an increase of about 42.6% compared to HKD 511.0 million for the fiscal year ending March 31, 2023[78]. - Construction engineering revenue for 2024 reached HKD 408,405,000, a significant increase of 103.5% compared to HKD 200,578,000 in 2023[119]. - Total revenue from construction machinery leasing in 2024 was HKD 320,123,000, slightly up from HKD 310,438,000 in 2023, reflecting a growth of 2.2%[119]. - The group reported a significant increase in customer revenue from construction engineering and machinery leasing, with customer A1 generating HKD 135.4 million and customer B1 generating HKD 118.9 million, compared to HKD 80.9 million in the previous year[153]. Expenses and Liabilities - The company’s administrative expenses decreased by approximately 6.9% to HKD 22.2 million from HKD 23.9 million in the previous year, attributed to effective cost control measures[25]. - The company recognized a financing cost of HKD 14.7 million for the year, compared to HKD 10.6 million in the previous year[26]. - The company’s income tax expense for the year was HKD 1.7 million, significantly higher than HKD 0.2 million in the previous year[15]. - The group’s total liabilities included trade and other payables of 144,492,000 HKD, up from 111,700,000 HKD in the previous year[107]. - The group’s trade payables increased to HKD 84.8 million from HKD 49.8 million in the previous year[156]. Assets and Equity - The total assets for the group increased to HKD 597,266,000 in 2024, up from HKD 567,113,000 in 2023, reflecting a growth of 5.3%[122]. - The total equity of the group rose to HKD 256.6 million from HKD 234.4 million in the previous year[76]. - The net current assets increased to HKD 83.7 million from HKD 26.0 million in the previous year[75]. - The net asset value of the group increased to 256,612,000 HKD from 234,389,000 HKD year-on-year[109]. - The group’s equity attributable to owners increased to 256,629,000 HKD from 234,405,000 HKD year-on-year[110]. Capital Expenditure and Investments - Total capital expenditure for the year was HKD 164.1 million, with significant investments in machinery and vehicles[29]. - Capital expenditures for the fiscal year totaled approximately HKD 56.3 million, a significant decrease from HKD 164.1 million in the previous year[54]. - The group incurred new bank borrowings of approximately HKD 240.5 million this year, compared to HKD 188.0 million in 2023[167]. Operational Highlights - The company secured new contracts worth approximately HKD 105.1 million after March 31, 2024, indicating ongoing project activity[21]. - The company plans to expand its business by undertaking new construction projects and providing various construction machinery and vehicle rental services in Hong Kong[44]. - The group has 16 projects with a total uncompleted contract value of HKD 143.0 million as of March 31, 2024[160]. - The development of the third runway system is entering a new phase, with ongoing construction projects such as the expansion of Terminal 2 and new passenger handling systems[130]. Financial Management and Risk - The company’s cash management policy remains prudent, ensuring liquidity is maintained throughout the year[52]. - The average credit period granted was 30 days, consistent with the previous year, ensuring effective financial risk management[104]. - The group primarily funds its working capital and capital requirements through cash generated from operations and borrowings[139]. - The group has not experienced any significant impact on its consolidated financial statements from the recent amendments to accounting standards[90]. Dividends - The company did not declare or recommend any dividends for the years ended March 31, 2024, and 2023[15]. - The board has resolved not to recommend a final dividend for the year[145].

Financial Performance - The company recorded revenue of approximately HKD 299.2 million for the six months ended September 30, 2023, representing a 20.1% increase from approximately HKD 249.2 million for the same period in 2022[6]. - Net profit increased from approximately HKD 1.0 million for the six months ended September 30, 2022, to approximately HKD 3.0 million for the current period, driven by more new construction projects and effective cost control[6]. - Gross profit increased from approximately HKD 4.7 million to approximately HKD 19.5 million, with gross margin rising from about 1.9% to 6.5%[17]. - The net cash generated from operating activities was HKD 46,912,000, an increase from HKD 40,373,000 in the same period last year[46]. - The group reported a profit before tax of HKD 3,052,000 for the period[56]. - The total comprehensive income for the period was HKD 1,028,000, compared to a loss in the previous period[44]. - Basic and diluted earnings per share for the period were HKD 0.0073, up from HKD 0.0044 in the previous year, reflecting improved profitability[71]. Revenue Breakdown - Revenue from construction projects was approximately HKD 157.2 million, contributing about 52.5% of total revenue, compared to HKD 75.2 million and 30.2% in the previous period[11]. - Revenue from construction machinery leasing was approximately HKD 142.0 million, accounting for about 47.5% of total revenue, a decrease from HKD 174.0 million and 69.8% in the previous period[15]. - Construction engineering revenue was HKD 157,192,000, up 109.1% from HKD 75,178,000 year-on-year[53]. - Machinery leasing revenue decreased to HKD 142,028,000, down 18.4% from HKD 173,976,000 in the previous year[53]. Cost Management - The company is focused on implementing cost control measures to address challenges such as labor shortages and inflation[7]. - Administrative expenses for the period were approximately HKD 10.7 million, a decrease of about 9.7% compared to HKD 11.8 million for the six months ended September 30, 2022, mainly due to reduced professional service fees and cost control on employee benefits[20]. - Financing costs increased by approximately 55.0% to about HKD 7.2 million from approximately HKD 4.6 million for the six months ended September 30, 2022, primarily due to rising interest rates on interest-bearing liabilities[21]. Project and Contract Status - The company has 15 ongoing projects with a total uncompleted contract value of approximately HKD 230.4 million, with nine projects expected to be completed by March 31, 2024[11]. - The construction industry remains a key pillar of Hong Kong's economy, with the government continuing to invest in large real estate and infrastructure projects, indicating strong growth prospects despite challenges[26]. Financial Position - As of September 30, 2023, the group had bank balances of approximately HKD 15.7 million, down from HKD 27.3 million as of March 31, 2023, with interest-bearing liabilities of approximately HKD 200.8 million[24]. - The debt-to-equity ratio improved to approximately 84.6% as of September 30, 2023, down from 90.9% as of March 31, 2023, a decrease of about 6.3%[24]. - The total assets of the group as of September 30, 2023, amounted to HKD 565,193,000, a slight decrease from HKD 567,113,000 as of March 31, 2023[59]. - The total liabilities decreased to HKD 327,782,000 as of September 30, 2023, from HKD 332,724,000 as of March 31, 2023[59]. Shareholder Information - The group did not declare any interim dividends for the period[25]. - The total issued and paid-up share capital remained at HKD 20,750,000 as of both March 31, 2023, and September 30, 2023, with 415,000,000 shares issued[92]. - As of September 30, 2023, Mr. Hu Yongheng holds 244,398,000 shares, representing 58.89% of the company's total shares[108]. - The shares held by Mr. Hu are owned through Runjin Global Limited, which is wholly owned by him[108]. Corporate Governance - The company maintains a commitment to good corporate governance practices to enhance shareholder value and protect stakeholder interests[104]. - The company has complied with the corporate governance code during the reporting period, with a focus on maintaining transparency and accountability[105]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the period[117]. - The audit committee confirms that the financial information has been prepared in accordance with applicable accounting standards and regulations[117].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Progressive Path Group Holdings Limited 進昇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1581） 截 至2023年9月30日 止 六 個 月 中 期 業 績 公 告 財務摘要 • 截至2023年9月30日止六個月的收入約為299.2百萬港元，較截至2022年9 月30日止六個月增加約20.1%。 • 截至2023年9月30日止六個月的毛利約為19.5百萬港元，而截至2022年9 月30日止六個月約為4.7百萬港元。 • 毛利率由截至2022年9月30日止六個月約1.9%增加至截至2023年9月30日 止六個月約6.5%。 • 截至2023年9月30日止六個月本公司擁有人應佔溢利約為3.0百萬港元， 而截至2022年9月30日止六個月約為1.0百萬港元。 • 截至2023年9月30日止六個月的每股盈利約為0.73港仙，而截至2022年9 ...

Financial Performance - The group's revenue for the year ended March 31, 2023, decreased by approximately 1.0% to about HKD 511.0 million from approximately HKD 515.9 million for the year ended March 31, 2022[6]. - The loss attributable to the company's owners for the year was approximately HKD 22.0 million, compared to a profit of approximately HKD 12.1 million for the previous year[6]. - Total revenue for the year was approximately HKD 511.0 million, a slight decrease from HKD 515.9 million in the previous year[18]. - Gross profit decreased to approximately HKD 3.7 million, with a gross profit margin of 0.7%, down from HKD 33.6 million and 6.5% the previous year[24]. - Other income increased by approximately 151.1% to HKD 18.9 million, primarily due to non-recurring government subsidies[25]. - Administrative expenses rose by approximately 1.3% to HKD 23.9 million, compared to HKD 23.6 million last year[26]. - Provision for trade receivables and contract assets losses amounted to approximately HKD 9.9 million, a significant increase from a net reversal of HKD 1.6 million last year[27]. - Financing costs increased by approximately 63.1% to HKD 10.6 million, primarily due to higher interest-bearing debt and interest rates[28]. - The company recorded a net loss of approximately HKD 22.0 million for the year, compared to a net profit of HKD 12.1 million in the previous year[29]. Business Operations - The group continues to focus on its core business of foundation and site preparation, construction engineering, and construction machinery rental services[7]. - The group plans to continue focusing on new construction projects and machinery rental arrangements in Hong Kong for future business development[13]. - The company has twelve ongoing projects with a total uncompleted contract value of approximately HKD 180.8 million[19]. - The group has established long-term relationships with contractors and suppliers to ensure the provision of quality goods and services[62]. - The main business activities of the group remained unchanged, focusing on construction engineering and machinery rental services[52]. Market Outlook - The construction market demand is expected to remain strong due to ongoing developments such as the Hong Kong International Airport Three-Runway System and the Kai Tak area[11]. - The group is optimistic about the long-term development of the construction industry, supported by government initiatives like the Northern Metropolis Development Strategy and the artificial island development plan[7]. - The outlook for the construction industry remains positive, with expectations of stable levels of construction projects in the coming years due to government support and major infrastructure initiatives[48]. Capital and Financing - The group raised approximately HKD 54.0 million through a rights issue, issuing 207,500,000 shares at a subscription price of HKD 0.26 per share[34]. - The actual use of the net proceeds from the rights issue as of March 31, 2023, included HKD 37.3 million for purchasing air compressors and HKD 14.7 million for general working capital[36]. - The total interest-bearing liabilities as of March 31, 2023, amounted to approximately HKD 213.0 million, compared to HKD 182.2 million in 2022, resulting in a debt-to-equity ratio of approximately 90.9%[31]. Employee and Labor Relations - The total employee cost for the year was approximately HKD 193.4 million, slightly down from HKD 193.6 million in 2022, with 505 employees as of March 31, 2023[39]. - The gender distribution of employees is 95% male (482) and 5% female (23), with a notable increase in male employees from 93% in 2022[184]. - The overall turnover rate for full-time employees improved to 17% in 2023, down from 27% in 2022[184]. - The company reported 3 work-related injuries in 2023, a decrease from 7 in 2022, and no work-related fatalities were recorded[190]. - The company emphasizes the importance of occupational health and safety, maintaining ISO 45001:2018 certification[187]. - Training programs are provided to employees focusing on health and safety, including the proper use of personal protective equipment[191]. Environmental and Social Responsibility - Total greenhouse gas emissions amounted to 3,295 tons, down from 4,186 tons in 2022, achieving a reduction target[170]. - The company aims to maintain a lower greenhouse gas emissions density than the current year in the upcoming year[170]. - The company has implemented measures to reduce energy consumption and promote clean production strategies[169]. - The company has established noise pollution control measures to comply with local regulations during construction activities[177]. - The company promotes a paperless office environment to minimize paper consumption and encourages electronic communication[174]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code as of the report date, except for specific deviations noted in the corporate governance report[93]. - The board of directors includes both executive and independent non-executive members, with some directors eligible for re-election at the upcoming annual general meeting[71]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[126]. - The company has conducted a board independence assessment to improve board efficiency and performance[123]. - The company has a commitment to ethical operations, prohibiting destructive, corrupt, and discriminatory behaviors[118].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Progressive Path Group Holdings Limited 進昇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1581） 截 至2023年3月31日 止 年 度 之 年 度 業 績 公 告 財務摘要 • 於本年度的收入約為511.0百萬港元，較截至2022年3月31日止年度減少 約1.0%。 • 於本年度的毛利約為3.7百萬港元，較截至2022年3月31日止年度減少約 89.1%。 • 於本年度的毛利率減至約0.7%，而截至2022年3月31日止年度為6.5%。 • 於本年度的本公司擁有人應佔虧損約為22.0百萬港元，而截至2022年3 月31日止年度本公司擁有人應佔溢利約為12.1百萬港元。 • 於本年度的每股虧損約為6.76港仙，而截至2022年3月31日止年度每股盈 利約為5.41港仙（經重列）。 ...

Financial Performance - The company recorded revenue of approximately HKD 249.2 million for the six months ended September 30, 2022, a decrease of 4.9% compared to HKD 262.1 million for the same period in 2021[5]. - Net profit dropped from approximately HKD 5.6 million for the six months ended September 30, 2021, to about HKD 1.0 million in the current period, primarily due to reduced income from construction projects and increased depreciation and financing costs[5]. - The gross profit decreased by approximately 69.9% from HKD 15.7 million to about HKD 4.7 million, with the gross profit margin falling from 6.0% to 1.9%[14]. - The net profit for the period was HKD 1,028,000, a significant decline of 81.7% compared to HKD 5,589,000 in the previous year[42]. - Basic and diluted earnings per share decreased to HKD 0.44, down 82.3% from HKD 2.49 in the same period last year[42]. - The group reported a segment loss of HKD 2,328,000 for the six months, compared to a profit of HKD 7,438,000 in the same period last year[59]. - The profit before tax for the six months ended September 30, 2022, was HKD 1,028,000, significantly lower than HKD 5,589,000 in 2021, a decline of 82%[74]. Revenue Breakdown - Construction revenue for the current period was approximately HKD 75.2 million, accounting for about 30.2% of total revenue, down from HKD 85.7 million and 32.7% in the previous period[10]. - The construction machinery rental income was approximately HKD 174.0 million, accounting for about 69.8% of total revenue, a slight decrease from HKD 176.4 million and 67.3% in the previous period[13]. - Revenue from construction projects was HKD 75,178,000, down 12.2% from HKD 85,674,000 year-on-year[56]. - Revenue from machinery leasing was HKD 173,976,000, a slight decrease of 1.3% compared to HKD 176,445,000 in the previous year[56]. Expenses and Costs - Administrative expenses rose by approximately 8.3% to HKD 11.8 million, compared to HKD 10.9 million in the previous period, primarily due to increased professional service fees[17]. - Financing costs for the period were approximately HKD 4.6 million, an increase of about 49.9% compared to HKD 3.1 million for the six months ended September 30, 2021, primarily due to increased interest-bearing liabilities and rising interest rates[18]. - Interest expenses for bank loans increased to HKD 1,347,000 in 2022 from HKD 615,000 in 2021, representing a 119% increase[67]. - Lease liabilities interest expenses rose to HKD 3,268,000 in 2022 from HKD 2,464,000 in 2021, marking a 33% increase[67]. - The total interest expenses amounted to HKD 4,615,000 in 2022, up from HKD 3,079,000 in 2021, reflecting a 50% increase[67]. Assets and Liabilities - As of September 30, 2022, the group had bank balances of approximately HKD 39.0 million, up from HKD 17.3 million as of March 31, 2022, while interest-bearing liabilities were approximately HKD 189.7 million, compared to HKD 182.2 million[20]. - The debt-to-equity ratio as of September 30, 2022, was approximately 73.7%, a decrease of about 15.5% from 89.2% as of March 31, 2022[20]. - Total assets less current liabilities increased to HKD 333,082,000 from HKD 274,016,000 as of March 31, 2022[44]. - Total assets increased to HKD 550,043,000 as of September 30, 2022, up from HKD 471,057,000 as of March 31, 2022[63]. - Total liabilities rose to HKD 292,667,000 as of September 30, 2022, compared to HKD 266,947,000 as of March 31, 2022[63]. Shareholder and Capital Structure - The group completed a rights issue on September 23, 2022, issuing 207,500,000 shares at a subscription price of HKD 0.26 per share, raising approximately HKD 54.0 million[23]. - The net proceeds from the rights issue were approximately HKD 52.0 million, with about HKD 37.3 million allocated for purchasing air compressors and HKD 14.7 million for general working capital[23]. - The company's issued and paid-up share capital increased to HKD 20,750,000 as of September 30, 2022, from HKD 10,375,000 as of March 31, 2022, following a rights issue[96]. - The weighted average number of ordinary shares for calculating basic and diluted earnings per share increased to 231,331,000 in 2022 from 224,027,000 in 2021, an increase of 3.3%[76]. Government and Market Outlook - The company anticipates more business opportunities due to the Hong Kong government's commitment to increase public infrastructure spending[6]. - The Hong Kong government plans to exceed HKD 100 billion in annual infrastructure spending over the next few years, which the group views positively for long-term market development[31]. - The group anticipates gradual recovery in the foundation industry and expects steady increases in tender opportunities and equipment rental business, despite challenges from competition and rising costs[29]. Corporate Governance - The company has complied with the corporate governance code, except for deviations regarding the separation of roles between the chairman and the CEO, which remains unfilled as of the report date[108][109]. - The company aims to enhance its corporate governance practices to align with its business operations and development[108].