PROGRESSIVE P (01581) announced that the group expects to record a net profit attributable to shareholders of no more than HK$3.2 million for the six months ended September 30, 2025, compared to approximately HK$12.2 million in the same period in 2024.

The board attributed the expected decline in profit primarily to the following factors: (i) A 25% decrease in revenue compared to the approximately HK$480 million recorded in the same period last year, mainly due to reduced construction and machinery leasing activities (particularly those related to the Three-Runway System and Kai Tak Sports Park projects) and a general downturn in the construction market. (ii) A decline in gross profit margin during the period, driven by intense market competition, which exerted pricing pressure and reduced overall profitability.