Tat Seng Packaging Group posted a net profit attributable to shareholders of S$7.1 million for the six months ended Jun 30, down 29.9 per cent year-on-year, as weaker demand and intensified price competition trimmed revenue and margins.

Earnings per share slipped to 4.51 Singapore cents from 6.44 cents a year earlier. The board declared an interim tax-exempt dividend of S$0.010 per share, versus S$0.030 a year ago, payable on 12 Nov 2025 to shareholders on record as of 31 Oct 2025.

Group revenue fell 12.7 per cent YoY to S$111.1 million. Sales from China, which contributed 81.3 per cent of the top line, declined 13.1 per cent to S$90.4 million on an 8.7 per cent contraction in corrugated board volumes and a weaker renminbi. Singapore revenue slipped 11.0 per cent to S$20.7 million as shipment volume dropped 9.3 per cent.

By geography, pre-tax earnings from China narrowed to S$6.7 million from S$10.2 million, while Singapore generated S$1.5 million versus S$2.1 million previously. Consolidated gross profit contracted 19.0 per cent to S$22.8 million, reflecting both lower volumes and more competitive selling prices.

Operating expenses were mixed: distribution and selling costs eased 6.0 per cent, while general and administrative expenses slid 13.2 per cent on a lower bonus provision and reduced consultancy fees. Net finance income halved to S$0.9 million as fair-value losses on financial assets and lower deposit yields offset reduced interest expense.

Looking ahead, management highlighted ongoing US-China trade tensions, excess capacity in China’s corrugated-packaging sector and potential raw-material price increases as key headwinds that could pressure margins over the next 12 months. The group intends to mitigate these challenges by tightening credit controls, honing cost management, and boosting operational efficiency and productivity while preserving a healthy balance sheet.