BBR Holdings (S) (KJ5) H1 2025 earnings summary

Executive summary

• H1 revenue rose 1.5% YoY to $114.4m and gross profit increased 11.8% to $15.5m; profit attributable to equity holders fell 97.4% to $0.5m.

• Earnings reflected a $4.4m investment-property fair value loss in H1 2025 and a $19.8m provisional bargain-purchase gain in the restated H1 2024 comparison.

Financial highlights

• Revenue was $114.4m, cost of sales $98.9m and gross profit $15.5m, up 1.5%, 0.1% and 11.8% YoY, respectively.

• Profit before tax and fair value change was $6.2m versus $21.3m; reported profit before tax was $1.8m versus $20.6m.

• Profit for the period was $0.1m versus $19.7m; equity-holder profit was $0.5m, partly offset by a $0.4m loss attributable to non-controlling interests.

• Finance costs declined 50.0% to $1.5m; other operating costs fell 21.8% to $7.2m, while administrative costs rose 35.0% to $2.5m.

Outlook and guidance

• H1 contract wins were approximately $220m, including HDB residential and community works, bored piling and a large eastern Singapore infrastructure project; projects are expected to contribute revenue from FY2026.

• Construction order book stood at approximately $400m at 30 June 2025.

• Near-term priorities include cost control, timely project execution and prudent capital allocation; the outlook remains measured amid cost, labour and macroeconomic pressures.

• The 53-unit strata-titled retail podium at The LINQ continues to be marketed; landbanking and development decisions remain prudent amid stabilising property prices and global uncertainty.