Halcyon Agri Corporation Limited sank deeper into the red for the year ended 31 Dec 2025, booking a net loss of US$99.5 million versus a US$30.9 million loss a year earlier, as weaker selling prices and higher input costs eroded margins despite broadly flat revenue.

The natural-rubber supplier posted revenue of US$2.96 billion, up 0.7 per cent year-on-year (YoY), but basic and diluted loss per share widened to 6.04 US cents from 2.30 US cents. The board did not recommend any dividend, citing the need to preserve cash for working-capital requirements.

Segmentally, Halcyon’s HRC processing and distribution arm remained the largest contributor with US$2.53 billion in external sales, up 3.4 per cent YoY, yet it swung to an operating loss of US$17.4 million from a US$39.9 million profit, hurt by a 33.8 per cent decline in unit margins and a 7.9 per cent drop in volumes. CMC International booked operating profit of US$27.8 million (FY2024: US$26.5 million) on revenue of US$465.4 million, while CMC Plantations fell to a US$35.8 million operating loss (FY2024: US$13.8 million loss) amid lower yields and weaker prices.

Group gross profit slid 41 per cent to US$112.7 million as gross profit per tonne narrowed to US$79 from US$120 a year earlier. Finance costs eased 6.2 per cent to US$62.7 million following lower interest rates, but this was insufficient to offset the contraction in operating earnings.

Looking ahead, Halcyon highlighted subdued global economic growth and persistent raw-material tightness. Nevertheless, management expects demand for traceable, European Union Deforestation-Regulation (EUDR)-compliant rubber to strengthen towards the 2026 implementation deadline and said the group is positioned to supply such volumes. It is also working with major shareholders China Rubber Technology Group and Sinochem International on refinancing and liquidity initiatives, including extensions of shareholder loans and new working-capital facilities secured in early 2026.