CSC Holdings (C06) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 10.6% to $337.8m and attributable net profit was $1.9m, reversing a $20.2m loss in FY24; stronger Singapore construction activity supported the recovery.

• Improved contract margins, execution and cost control lifted gross profit and EBITDA; Malaysia’s weaker bored-piling market and lower-margin projects remained a drag in H2.

Financial highlights

• Revenue was $337.811m versus $305.338m; gross profit increased to $35.378m from $14.445m, and operating activities generated $8.394m versus $0.971m.

• Profit before tax was $2.647m versus a $20.377m loss; profit attributable to owners was $1.883m versus a $20.161m loss.

• EBITDA more than tripled to $31.4m from $9.2m; cash and cash equivalents were $19.1m at 31 March 2025 versus $18.8m a year earlier.

• Other income rose 5.5% to $2.3m, including higher gains on aged-equipment disposals; operating expenses eased to $29.3m from $29.6m, including a $1.7m FX gain.

Outlook and guidance

• Singapore construction demand is forecast at $47b–$53b in 2025, up 6%–20% from $44b in 2024; transport, housing, infrastructure, industrial and biomedical investment is expected to support tenders.

• Future revenue from unsatisfied or partly satisfied construction obligations was $162.259m; 58% of revenue for contracts with original duration of one year or less is expected in FY26, with the balance by FY27.

• Expected Singapore opportunities include Cross Island MRT, Thomson-East Coast Line Extension, Changi Airport Terminal 5 and expansions at Marina Bay Sands and Resorts World Sentosa.

• Malaysia strategy prioritises industrial and data-centre opportunities in Johor and Penang, while restructuring bored piling and pursuing the more specialised jack-in-piling niche.

• Plans include expanding equipment repair and maintenance services, prudent fleet renewal and trials of battery-powered jack-in piling equipment; commercial paper is intended to support working capital and fleet investment.