Tiong Seng Holdings has guided for a net loss for the 1HFY2025 ended June 30, as compared to a net profit reported in the same period a year ago.
The group’s expected net loss in 1HFY2025 is due to crystallising the final losses from all of its projects secured prior to the Covid-19 pandemic, which rose from increased costs of materials, labour and subcontracting costs.
Tiong Seng recorded a net profit of $2.8 million in the full year ended Dec 31, 2024.
Shares in Tiong Seng closed flat at 10 cents on Aug 1.
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