Ley Choon Group Holdings posted a net profit of S$6.1 million for the six months ended 30 Sept 2025, down 16.9 per cent year-on-year, as a shift in project mix and the completion of a major road-work section trimmed margins despite largely unchanged topline revenue.

Earnings per share slipped to 0.404 Singapore cent from 0.486 cent a year earlier. The group had paid a final tax-exempt dividend of 0.30 Singapore cent per share in July, up from 0.27 cent a year ago, but the board did not recommend an interim payout in order to conserve working capital.

Revenue was almost flat at S$64.4 million. The dominant Pipes & Roads segment contributed S$63.6 million, while Construction Materials accounted for S$0.8 million. By pre-tax earnings, Pipes & Roads generated S$11.0 million (-13.2 per cent YoY), Construction Materials S$0.1 million (-27.5 per cent), and unallocated items produced a loss of S$5.2 million, leaving group profit before tax at S$5.9 million (-28.6 per cent).

The weaker bottom line reflected a fall in gross margin to 17.8 per cent from 20.6 per cent, mainly because new contracts were still ramping up and carried different margin profiles. Other income declined by S$0.3 million as scrap sales eased, while administrative expenses rose on higher staff-related costs and office overheads.

Looking ahead, Ley Choon said public-sector demand and ongoing infrastructure development in Singapore underpin a positive market outlook. Management is focusing on disciplined tendering for underground utilities projects, tighter cost control and cash-flow optimisation. The order book stood at about S$350.3 million. The group is also reviewing certain lease arrangements but does not expect material operational disruption.