Bund Center Investment (BTE) H1 2025 earnings summary

Executive summary

• HY2025 revenue was S$40.1m and EBITDA S$21.4m, down 5.4% and 6.3% YoY, respectively; lower leasing income and FX fluctuations were partly offset by cost management and operating efficiency.

• Profit for the period fell 57.5% to S$3.0m from S$7.0m; foreign currency translation losses contributed to a total comprehensive loss of S$11.1m.

Financial highlights

• Gross profit declined 8.2% to S$17.0m; operating profit fell 21.3% to S$5.9m and profit before tax fell 40.9% to S$6.7m.

• Net other operating expense was S$1.7m versus net other operating income of S$0.7m in HY2024, mainly reflecting higher unrealised FX losses; current-period government assistance grants partly offset the impact.

• Finance income decreased 20.1% to S$2.5m, consistent with lower deposit interest rates; income tax expense was S$3.7m versus S$4.2m.

• Operating cash flow increased to S$17.5m, while cash and bank balances stood at S$174.7m as at 30 June 2025.

Outlook and guidance

• Shanghai leasing efforts focus on tenant engagement, facility improvements and targeted leasing to support occupancy amid rental-rate pressure.

• Hotel operations are focused on disciplined pricing, efficiency, cost control and guest experience; proactive asset management aims to support occupancy and cash flow stability.