Link: https://links.sgx.com/1.0.0/corporate-announcements/XDBO2ZT629TR3EPD/333198d17964559b972e4c062c304e16cbe4b2c4e6779472a175abd488c48cba

Summary:

• Revenue for 1H 2025 up 4.7% to S$31.8 million (1H 2024: S$30.3 million), driven by increased activity in Singapore and Taiwan, but offset by weaker Malaysia and US performance.

• Net loss after tax widened to S$3.5 million (1H 2024: loss of S$1.6 million) as gross profit collapsed to S$345,000 (down 78.5%).

• Gross profit margin dropped to 1.1% (from 5.3%) due to cost overruns, increased use of subcontractors in Singapore, and a low-margin job mix in the US and Malaysia.

• Singapore operations: Revenue increased by 12.2%, with higher productivity and improved gross profit margin.

• Malaysia and US operations: Suffered from absence of large, high-margin projects and margin pressures; Malaysia had no shutdown (TA) activity versus last year.

• Taiwan: Revenue rose 58.4% with return to profitability.

• Cash position of S$9.4 million as at 30 June 2025, down from S$10.3 million at end-2024; net asset value per share at 7.46 cents.

• Borrowings reduced significantly by S$3.4 million via repayments; gross debt to shareholders’ funds improved to 9.3%.

• No interim dividend declared for 1H 2025.

• Outlook: Facing margin pressures from project mix, labor costs, and forex fluctuations; management is focusing on cost control, project selection, and cash conservation as plant owners alter maintenance and asset strategies in a volatile oil price and competitive environment.