Lum Chang (L19) H1 2025 earnings summary

Executive summary

• 1H2025 revenue rose 3% YoY to $239.0m, while gross profit fell 12% to $19.4m as lower-margin construction projects contributed more revenue. Profit before tax edged up 1% to $6.6m; net profit declined 10% to $4.8m.

• Cash and cash equivalents increased to $95.3m at 31 December 2024 from $50.7m at 30 June 2024, supported by $77.1m of operating cash flow.

Financial highlights

• Revenue was $239.0m, up 3% YoY; gross profit was $19.4m, down 12%, and profit before tax was $6.6m, up 1%.

• Net profit was $4.8m, down 10% YoY; attributable net profit was $3.5m, down 4%, and basic and diluted EPS were 0.93 cents, down from 0.96 cents.

• Income tax expense increased 49% to $1.8m; finance expenses declined 16% to $1.1m, mainly due to lower borrowings.

• Total comprehensive income increased to $7.0m from $2.1m, including $2.2m of other comprehensive income versus a $3.2m loss in 1H2024.

Outlook and guidance

• Secured $116.8m of new projects in H1; construction projects in progress totalled $0.94bn at 31 December 2024.

• Selective pursuit of new projects and focus on efficient execution of existing work, overhead management and manpower needs amid challenging operating conditions.