Pan-United Corporation has reported 12% y-o-y higher earnings for the 1HFY2025 ended June 30 of $20.6 million.

Revenue for the 1HFY2025 grew 4% y-o-y to $401.1 million from “healthy construction activities in Singapore”.

The significant investments in property, plant and equipment in the last 12 months, resulted in a 21% y-o-y increase in depreciation and amortisation expenses.

Pan-United says that the general increase in the cost of doing business has led to higher operation cost, primarily staff cost and rental expenses. Included in the “other expenses” was a $2.5 million foreign exchange loss, largely unrealised, from the revaluation of US dollars cash and cash equivalents held on June 30.

The group’s ebitda grew to $41.1 million in 1HFY2025 driven mainly by the increase in revenue, while share of results of associate came down by 55% y-o-y to $0.7 million, affected by lower sales volume and selling prices.

As at June 30, the group has secured about $430 million worth of contracts to supply ready-mix concrete for the development of Changi Airport Terminal 5. These contracts have a duration of 5 years and they are not expected to have a material financial impact for the next 12 months.

The board of directors has declared an interim dividend of 1 cent per ordinary share for the reporting period.

Shares in Pan-United closed 4 cents higher or 3.636% up at $1.14 on Aug 13.