GC Construction Holdings (1489) H1 25/26 earnings summary

Executive summary

• H1 FY2025/26 revenue fell 41.2% YoY to HK$155.924m amid cautious tendering and fewer projects.

• Loss attributable to owners widened to HK$9.046m from HK$7.164m; no interim dividend was recommended.

• Backlog rose to HK$739.2m across 33 projects at 30 September 2025, from HK$343.3m across 32 projects at 31 March 2025.

Financial highlights

• Revenue was HK$155.924m versus HK$265.314m; cost of services was HK$155.125m versus HK$262.431m.

• Gross profit fell to HK$0.799m from HK$2.883m; gross margin narrowed to 0.5% from 1.1%, mainly due to weaker margins on new projects.

• Operating loss was HK$8.948m versus HK$7.962m; loss before tax was HK$9.125m versus HK$7.168m.

• Net loss attributable to owners was HK$9.046m versus HK$7.164m; basic and diluted loss per share was HK0.9 cents versus HK0.7 cents.

• Administrative expenses declined to HK$8.513m from HK$10.664m; impairment losses on trade receivables and contract assets rose to HK$1.280m from HK$0.181m.

Outlook and guidance

• Several large-scale project tenders were secured, strengthening credentials for future bids and supporting operational stability amid economic uncertainty.

• Southeast Asia expansion is being pursued to diversify revenue and reduce dependence on Hong Kong, through gradual entry, strategic investment and local collaboration.

• The approach prioritizes reliable projects, careful planning and continued execution of the Hong Kong business; no quantified financial guidance was given.