A net foreign exchange gain and net gain from fair value changes in derivatives resulted in other income rising to $7.1 mil in the first half 2025.

BRC Asia has reported earnings of $42.1 million for 1HFY2025 ended March 31, 2025, up 9% y-o-y.

The group’s revenue declined 6% y-o-y to $715.6 million for 1HFY2025, due to a broad-based softness in steel prices. However, delivery tonnage remained stable, reflecting continued demand and the group's ability to maintain its market share amid volatility.

Gross profit for 1HFY2025 fell 10% y-o-y to $67.4 million, and gross profit margin declined to 9.4%. This is due to a $7.7 million provision for onerous contracts, compared to a reversal of $3.1 million in the prior-year period.

A net foreign exchange gain of $2.5 million and net gain of $2.4 million from fair value changes in derivatives resulted in other income rising to $7.1 million in 1HFY2025.

Operating expenses decreased by 16% y-o-y due to lower finance costs and other operating expenses, partially offset by higher distribution and administrative expenses.

However, distribution expenses rose by 18% y-o-y, driven by costs associated with a new subsidiary in Thailand. Administrative expenses increased by 11% y-o-y, due to higher legal and professional fees related to potential acquisitions and increased bonus provisions resulting from better financial performance.

As at end March, the group’s cash and cash equivalents stood at $143.8 million, and net assets came in at $478.6 million.

The group’s order book stood at $1.5 billion as at end March.

The board has proposed an interim dividend of 6 cents per share.

"The stable delivery tonnage in 1HFY2025 reflects the resilience of our operations and the sustained demand from the domestic construction industry. Given strategic government initiatives and a robust domestic project pipeline, we remain confident in the agility and stability of Singapore's construction industry amidst a subdued economic outlook,” says Seah Kiin Peng, Executive Director and CEO of BRC Asia Bec.

Shares in BRC Asia closed flat at $3.11 on May 13.