Link: https://links.sgx.com/1.0.0/corporate-announcements/L0QISEE18NA63PJ2/761fb945de2d0f2f12f7f1d972c91938e896394d663ff83dc4e0845788ff164c

Summary:

• Revenue: S$111.1 million (down 12.7% vs. S$127.2m 1H24), due to lower sales volumes in both Singapore (down 11%) and China (down 13.1%), exacerbated by price competition and RMB weakness.

• Gross Profit: S$22.8 million (down 19.0%), with gross margin compression reflecting intense competitive pressure.

• Net Profit (Owners): S$7.1 million (down 29.9%)

• Earnings per share: 4.51 cents (vs. 6.44 cents)

• Total Comprehensive Income: S$2.7 million (down 75.5%) as foreign currency translation loss widened.

• Dividends: Interim dividend of S$0.01 per share (vs. S$0.03 in 1H24); record date 31 October 2025, payable 12 November 2025.

• Cash Position: S$90.8 million (down from S$97.5m at 31 Dec 24); net cash and equivalents (after pledged balances): S$84.3 million.

• Balance Sheet: Total equity of S$211.5 million; net assets per share: 127.55 cents.

• Debt: Short and long term loans and borrowings reduced to S$62.1 million (from S$67.6m).

• Segmental: Singapore revenue fell to S$20.7m; China (PRC) revenue fell to S$90.4m.

• Strategy/Outlook: Market environment remains difficult with global trade tensions and industry overcapacity driving down prices; Group remains focused on maintaining a healthy financial position and tight cost management. No change to guidance or forecast, and business fundamentals remain steady despite headwinds.

TL;DR: Tat Seng Packaging saw weaker top and bottom lines in 1H 2025 due to tough industry conditions in both China and Singapore, lower sales volumes, and competitive pricing. Company maintains strong cash reserves, paid a reduced interim dividend, and is managing costs and risk closely amid challenging market conditions.