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].

Financial Performance - The company's revenue increased by approximately 18.4% to about HKD 515.9 million for the year ended March 31, 2022, compared to HKD 435.6 million for the previous year[6]. - Profit attributable to the owners of the company rose from approximately HKD 3.7 million to about HKD 12.1 million for the same period[6]. - Total revenue for the year was approximately HKD 515.9 million, an increase of 18.4% from HKD 435.6 million in the previous year[17]. - Construction engineering revenue decreased to approximately HKD 177.1 million, accounting for 34.3% of total revenue, down from 44.6% the previous year[18]. - Construction machinery leasing revenue increased significantly to approximately HKD 338.9 million, representing 65.7% of total revenue, up from 55.4% the previous year[21]. - Gross profit increased to approximately HKD 33.6 million, with a gross profit margin of 6.5%, up from 5.0% the previous year[22]. - Net profit for the year was approximately HKD 12.1 million, a substantial increase of 224.5% compared to HKD 3.7 million in the previous year[27]. - Other income decreased by approximately 52.8% to HKD 7.5 million, primarily due to the absence of non-recurring government subsidies from the previous year[24]. - Administrative expenses increased by approximately 8.1% to HKD 23.6 million, attributed to higher business volume and insurance costs[25]. Business Development and Strategy - The company secured five new projects and obtained two new contracts from existing projects, totaling approximately HKD 83.4 million[6]. - The company plans to continue focusing on business development through new construction projects and leasing arrangements in Hong Kong[12]. - The Hong Kong government is expected to continue investing in infrastructure as a major economic stimulus measure, which will create more opportunities in the construction industry[10]. - The company will adopt a more cautious approach in bidding for construction projects due to the ongoing uncertainties brought by the COVID-19 pandemic[6]. - The company is focused on upgrading its machinery fleet to maintain competitiveness and attract larger, more profitable projects[43]. Challenges and Risks - The construction industry faces challenges from rising material costs, inflation, and supply chain bottlenecks, which may threaten economic stability[10]. - The board remains optimistic about the long-term development of the construction industry, supported by government initiatives[7]. Environmental and Social Responsibility - The company has adopted new environmentally friendly machinery to comply with regulations and mitigate potential risks associated with environmental and social issues[15]. - The company recognizes the importance of balancing operational development with environmental protection, particularly in reducing greenhouse gas emissions[151]. - Total greenhouse gas emissions decreased from 6,917 tons in 2021 to 4,186 tons in 2022, representing a reduction of approximately 39.5%[154]. - The greenhouse gas emissions intensity improved from 16 tons per million HKD revenue in 2021 to 8 tons per million HKD revenue in 2022, a 50% reduction[154]. - The company has not violated any air and greenhouse gas emission-related laws and regulations[157]. - The company has established wastewater collection pits at construction sites to minimize wastewater pollution[166]. - The company has implemented measures to mitigate the impact of climate change, including regular policy reviews and employee training on greenhouse gas emissions[168]. Employee and Management Practices - The company has 508 employees as of March 31, 2022, with a gender distribution of 93% male (474) and 7% female (34)[170]. - The employee turnover rate for full-time staff is approximately 27%, with a significantly higher turnover rate among part-time employees[171]. - The company provides a full set of personal protective equipment to employees on construction sites to ensure safety[175]. - The company regularly reviews employee benefits to enhance engagement and reduce turnover[171]. - 21% of employees received training, with an average training duration of 1.5 hours per employee[178]. - The company has achieved ISO 45001:2018 certification for its occupational health and safety management system[174]. Corporate Governance - The company emphasizes effective corporate governance practices to enhance shareholder value and protect the interests of stakeholders[108]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse range of business experience and expertise[113]. - The independent non-executive directors bring diverse expertise from various industries, contributing to the board's effectiveness[99][102][103]. - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the year, except for the deviation regarding the separation of roles between the Chairman and CEO[109]. - The board has adopted a diversity policy, considering factors such as gender, age, and professional experience to enhance performance and sustainable development[116]. Community Engagement - The group plans to continue its commitment to corporate social responsibility by contributing to local community initiatives, including donations to sports and charitable foundations[188]. - The group has expanded its donations to the Flyover Kai Tak Sports Fund Limited and the Jun Wo Charitable Foundation Limited to support community sports development and various charitable activities[188].

Financial Performance - The company recorded revenue of approximately HKD 262.1 million for the six months ended September 30, 2021, representing an increase of 28.7% compared to HKD 203.6 million for the same period in 2020[4]. - Net profit slightly decreased from approximately HKD 6.2 million for the six months ended September 30, 2020, to approximately HKD 5.6 million for the current period, primarily due to the impact of non-recurring government subsidies[4]. - The gross profit increased by approximately HKD 4.0 million or 34.1% to approximately HKD 15.7 million, with a slight increase in gross margin from 5.7% to 6.0%[15]. - The basic and diluted earnings per share decreased to HKD 0.54 from HKD 0.59[37]. - The profit before tax for the six months ended September 30, 2021, was HKD 5,386,000, a decrease from HKD 6,158,000 in the same period of 2020, reflecting a decline of approximately 12.5%[67]. Revenue Breakdown - Revenue from construction machinery leasing increased to approximately HKD 176.4 million, accounting for 67.3% of total revenue, compared to HKD 108.6 million and 53.4% in the previous period[13]. - Revenue from construction engineering decreased to HKD 85,674,000 in 2021 from HKD 94,995,000 in 2020, a decline of 9.3%[54]. - Revenue from construction machinery leasing significantly increased to HKD 176,445,000 in 2021, up 62.5% from HKD 108,644,000 in 2020[54]. Expenses and Liabilities - Administrative expenses rose to approximately HKD 10.9 million, an increase of about 8.2% from HKD 10.1 million in the previous period, mainly due to higher employee costs and insurance expenses[18]. - The group’s interest-bearing liabilities rose to approximately HKD 144.9 million from HKD 114.3 million, an increase of about 26.8%[22]. - The debt-to-equity ratio increased to approximately 73.3% from 59.5%, reflecting a rise of about 13.8%[22]. - The total employee cost for the period was approximately HKD 95.2 million, compared to HKD 70.9 million for the six months ended September 30, 2020, marking an increase of about 34.5%[28]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of HKD 47,619,000 for the six months ended September 30, 2021, compared to HKD 23,820,000 for the same period in 2020, representing a 99.5% increase[45]. - The net cash used in investing activities was HKD 33,243,000 for the six months ended September 30, 2021, compared to HKD 11,276,000 in 2020, indicating increased investment activity[45]. - The company raised new bank loans amounting to HKD 36,421,000 during the period, compared to HKD 28,992,000 in the previous year[45]. Assets and Equity - The company’s total equity as of September 30, 2021, was HKD 197,584,000, an increase from HKD 194,415,000 as of September 30, 2020[43]. - Total assets increased to HKD 432,166,000 as of September 30, 2021, compared to HKD 389,737,000 as of March 31, 2021, reflecting a growth of approximately 10.8%[60]. - Trade receivables as of September 30, 2021, amounted to HKD 176,909,000, with a provision for impairment of HKD 25,664,000, leading to a net trade receivable of HKD 151,245,000[73]. Corporate Governance - The group has adhered to corporate governance standards, ensuring transparency and accountability, although the position of CEO remains vacant as of the report date[104]. - The company believes that effective corporate governance practices are essential for enhancing shareholder value and protecting stakeholder interests[103]. - The company confirms compliance with the standard code of conduct for securities transactions by directors during the reporting period[106]. Future Outlook - The company remains cautiously optimistic about the prospects of the foundation industry and construction machinery leasing business in Hong Kong[5]. - The group anticipates steady growth in the foundation construction sector due to an expected increase in tender opportunities from public and private institutions[24]. - The company plans to continue enhancing operational efficiency and profitability while actively seeking potential opportunities to broaden revenue sources and enhance shareholder value[5].

Financial Performance - The group's revenue increased by approximately 39.6% to about HKD 435.6 million for the year ended March 31, 2021, compared to HKD 312.1 million for the previous year[7]. - The loss attributable to the company's owners decreased from approximately HKD 15.6 million in the previous year to a profit of about HKD 3.7 million for the current year[7]. - The group's total revenue for the year was approximately HKD 435.6 million, an increase of 39.6% from HKD 312.1 million in the previous year[19]. - Revenue from construction projects was approximately HKD 194.5 million, accounting for 44.6% of total revenue, up from 37.9% in the previous year[20]. - Revenue from construction machinery leasing was approximately HKD 241.1 million, representing 55.4% of total revenue, down from 62.1% in the previous year[23]. - The group's gross profit increased to approximately HKD 21.9 million, with a gross profit margin of 5.0%, compared to HKD 13.3 million and 4.3% in the previous year[24]. - Other income for the year was approximately HKD 16.0 million, a significant increase of 255.9% from HKD 4.5 million in the previous year, mainly due to non-recurring government subsidies[27]. - The net profit for the year was approximately HKD 3.7 million, a turnaround from a loss of HKD 15.6 million in the previous year[30]. Business Operations - The group secured two new projects and obtained nine new contracts from existing projects, totaling approximately HKD 251.7 million[7]. - The construction machinery leasing business improved significantly due to the demand from new foundation projects and infrastructure works in Hong Kong[12]. - The group has terminated the operation of the construction machinery sales segment due to difficulties in identifying potential customers[12]. - The group will continue to pursue new construction projects and leasing arrangements in Hong Kong for business development[13]. - The group plans to actively participate in bidding for new public and private construction projects to maintain market share amid increasing competition[20]. - The group has six ongoing projects with a total uncompleted contract value of approximately HKD 148.1 million, expected to be completed by March 31, 2023[20]. Government Support and Market Outlook - The group received non-recurring government subsidies related to COVID-19, which contributed to the overall performance improvement[12]. - The construction market in Hong Kong is expected to reverse in the coming years due to increased government investment in public works[11]. - The group anticipates a rebound in the construction industry due to government commitments to infrastructure spending averaging HKD 100 billion annually over the next few years[45]. Financial Position and Liabilities - The total interest-bearing liabilities as of March 31, 2021, were approximately HKD 114.3 million, an increase from HKD 100.3 million in the previous year, with a debt-to-equity ratio of 59.5%[32]. - The retained earnings available for distribution to shareholders as of March 31, 2021, were approximately HKD 37.085 million[61]. - The group reported no significant contingent liabilities as of March 31, 2021, and had no major investments or acquisitions during the year[39][41]. Employee and Labor Relations - The group employed 512 staff as of March 31, 2021, up from 386 in 2020, with total employee costs amounting to approximately HKD 149.7 million, an increase from HKD 116.7 million in 2020[35]. - The employee turnover rate for the year was approximately 8%, with 27% of female employees leaving and 7% of male employees[160]. - The company has maintained competitive salary and benefits levels for employees, with no significant labor disputes reported during the year[35]. - The company provides a full set of personal protective equipment to employees on construction sites[166]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and transparency in operations[110]. - The board consists of five members, including two executive directors and three independent non-executive directors, enhancing decision-making with diverse expertise[113]. - The company emphasizes the importance of effective corporate governance practices to enhance shareholder value and protect stakeholder interests[109]. - The independent non-executive directors have confirmed their independence annually, complying with the listing rules[114]. - The company has a strong focus on internal controls and accountability within its governance framework[109]. Environmental and Social Responsibility - The group has been actively implementing environmentally friendly measures to minimize adverse environmental impacts[92]. - The company has maintained compliance with environmental regulations, with no significant non-compliance issues reported during the year[153]. - The company is committed to continuous improvement in energy efficiency and environmental performance, verified by ISO 14001 certification[155]. - The company has implemented various energy-saving measures and adopted clean energy strategies to mitigate environmental impact[151]. - The group is committed to corporate social responsibility by contributing to the local community, including donations to the Hong Kong Construction Association[176]. Audit and Financial Reporting - The independent auditor, Shinewing (HK) CPA Limited, audited the consolidated financial statements for the year ending March 31, 2021, and is eligible for reappointment at the annual general meeting[87]. - The company is responsible for preparing financial statements that are true and fair according to the Hong Kong Financial Reporting Standards and the Companies Ordinance[194]. - The auditor's responsibility is to provide reasonable assurance that the financial statements are free from material misstatement due to fraud or error[196]. - The independent auditor's report was issued on June 28, 2021, confirming the appropriateness of the going concern basis of accounting[200].

Revenue Growth - The group's revenue for the six months ended September 30, 2020, was approximately HKD 203.6 million, a significant increase from HKD 124.4 million for the same period in 2019, representing a growth of 63.5%[9]. - Revenue for the six months ended September 30, 2020, was approximately HKD 203.6 million, compared to HKD 124.4 million for the same period in 2019, representing a significant increase[37]. - For the six months ended September 30, 2020, the company's revenue was HKD 203,639,000, a significant increase of 63.5% compared to HKD 124,445,000 for the same period in 2019[51]. - The construction segment generated revenue of HKD 94,995,000, up from HKD 33,089,000, reflecting a growth of 187.5% year-over-year[51]. - The construction machinery leasing segment reported revenue of HKD 108,644,000, an increase of 19.0% from HKD 91,356,000 in the previous year[51]. Profitability and Margins - The gross profit for the period was approximately HKD 11.7 million, down from HKD 13.1 million in the previous year, resulting in a gross profit margin decrease from 10.6% to 5.7%[18]. - Gross profit for the period was approximately HKD 11.7 million, down from HKD 13.1 million in the previous year, indicating pressure on margins[37]. - Net profit increased from approximately HKD 1.2 million for the six months ended September 30, 2019, to approximately HKD 6.2 million, mainly due to the recognition of a non-recurring government subsidy of approximately HKD 5.9 million[22]. - The group achieved a profit before tax of HKD 5,386,000 for the six months ended September 30, 2020, compared to HKD 2,203,000 for the same period in 2019, indicating an increase of about 144.5%[58]. Government Support and Economic Conditions - Other income increased to approximately HKD 7.6 million from HKD 2.2 million in the previous year, primarily due to non-recurring government subsidies related to COVID-19 amounting to approximately HKD 5.9 million[19]. - The group faced challenges due to the COVID-19 pandemic, which impacted global economic activities, but government financial measures provided some relief[6]. - The group received government subsidies of HKD 5,891,000 due to the COVID-19 pandemic, which was not present in the previous year[64]. Project and Contract Management - The group had a total of eight ongoing projects with an uncompleted contract value of approximately HKD 205.1 million as of September 30, 2020[10]. - The group received a new project and secured seven contracts from existing projects with a total contract value of approximately HKD 237.5 million during the period[10]. - The construction machinery leasing income increase was driven by rising demand for machinery in infrastructure and reclamation projects in Hong Kong[16]. Financial Position and Cash Flow - As of September 30, 2020, the group had bank balances of approximately HKD 6.2 million, down from approximately HKD 13.5 million as of March 31, 2020, with interest-bearing liabilities of approximately HKD 93.1 million, down from approximately HKD 100.3 million[23]. - The debt-to-equity ratio as of September 30, 2020, was approximately 47.9%, a decrease of about 5.4% from 53.3% as of March 31, 2020[23]. - Operating cash flow for the six months was HKD 23,820,000, compared to HKD 31,423,000 in 2019, indicating a decrease of 24.3%[45]. - The net cash used in investing activities was HKD 11,276,000, a reduction from HKD 33,312,000 in the prior year, showing improved cash management[45]. - The total equity attributable to owners increased to HKD 205,082,000 as of September 30, 2020, from HKD 203,855,000 at the beginning of the period[43]. Employee and Administrative Expenses - The group employed 391 staff as of September 30, 2020, compared to 303 staff a year earlier, with total employee costs of approximately HKD 70.9 million, up from approximately HKD 50.2 million for the six months ended September 30, 2019[30]. - Administrative expenses for the period were approximately HKD 11.1 million, an increase of about 8.7% compared to HKD 10.2 million for the six months ended September 30, 2019, primarily due to a trade receivables loss provision of approximately HKD 1.0 million[21]. Asset Management - Total assets as of September 30, 2020, amounted to HKD 384,675,000, an increase from HKD 362,788,000 as of March 31, 2020, representing a growth of approximately 6.5%[61]. - Total liabilities increased to HKD 190,277,000 as of September 30, 2020, from HKD 174,547,000 as of March 31, 2020, reflecting an increase of about 9.0%[62]. - Trade receivables increased to HKD 190,334,000 as of September 30, 2020, compared to HKD 161,738,000 as of March 31, 2020, reflecting a growth of 17.6%[78]. - Contract assets totaled HKD 46,715,000 as of September 30, 2020, up from HKD 39,666,000 as of March 31, 2020, representing a growth of 17.5%[83]. - Trade and other payables increased to HKD 88,268,000 as of September 30, 2020, compared to HKD 64,291,000 as of March 31, 2020, indicating a rise of 37.3%[86]. Shareholder and Governance - The company did not declare or recommend any dividends for the six months ended September 30, 2020, nor since the reporting date[71]. - The basic and diluted earnings per share for the six months ended September 30, 2020, were HKD 5.93, a significant increase from HKD 1.18 in 2019, representing a growth of 408%[73]. - The company has not engaged in any significant acquisitions or disposals during the period[33]. - The company has not granted any share options under its share option scheme since its adoption, indicating a focus on maintaining current equity structure[105]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the period[125].