CSBC (2208) Q2 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025 was NT$13.84 billion, up from NT$7.70 billion year-over-year, driven by shipbuilding and vessel construction contracts.

• Net loss for the six months ended June 30, 2025 widened to NT$2.53 billion from NT$572 million in the prior year period.

• Gross margin remained negative, with a net operating margin of -19% for the first half of 2025, compared to -11% in the prior year.

• Loss per share for the six months ended June 30, 2025 was NT$1.98, compared to NT$0.45 in the same period last year.

Financial highlights

• Total assets increased to NT$40.49 billion as of June 30, 2025, up from NT$34.41 billion a year earlier.

• Current assets rose to NT$20.77 billion, with significant increases in contract assets and prepayments.

• Total liabilities surged to NT$33.92 billion, with short-term borrowings and provisions for onerous contracts rising sharply.

• Equity attributable to owners decreased to NT$9.10 billion, reflecting continued losses and deficit compensation.

• Cash and cash equivalents at period end were NT$3.40 billion, down from NT$3.50 billion a year ago.

Outlook and guidance

• Unfulfilled contract obligations reached NT$135.35 billion, expected to be recognized as revenue through October 2031.

• Management continues to focus on capital increases and restructuring to improve liquidity and meet financial covenants.