Core Insights - Ten-League International Holdings Limited reported strong financial performance for the first half of fiscal year 2025, with a revenue increase of 21.6% to S$37.7 million (US$29.6 million) driven by demand for heavy equipment linked to major infrastructure projects [3][4] - The company achieved a gross profit of S$8.9 million (US$7.0 million), a 67.7% increase from the previous year, and net income surged 268.9% to S$2.4 million (US$1.9 million) [5][12] - The successful execution of growth initiatives and a focus on large-scale infrastructure opportunities have positioned the company for sustainable growth and long-term value creation [3][19] Financial Performance - Total revenues for the six months ended June 30, 2025, were S$37.7 million (US$29.6 million), up from S$31.0 million for the same period last year [4][5] - Gross profit increased to S$8.9 million (US$7.0 million), with a gross margin of 23.5%, up from 17.0% a year earlier [5][8] - Net income reached S$2.4 million (US$1.9 million), compared to S$0.6 million for the same period last year, reflecting a strong conversion of revenue growth into profitability [12][26] Revenue Breakdown - Sales of heavy equipment and parts accounted for S$30.7 million (US$24.1 million), a 24.6% increase from S$24.7 million last year, driven by projects like Changi Airport Terminal 5 and Marina Bay Sands expansion [6] - Rental income rose 14.9% to S$5.9 million (US$4.6 million), attributed to higher utilization rates [6] - Engineering consultancy service income decreased by 9.4% to S$1.1 million (US$0.9 million) due to the completion of projects in the previous year [6] Cost and Expenses - Cost of revenue was S$28.8 million (US$22.7 million), an increase of 12.2% from S$25.7 million last year [7] - General and administrative expenses rose to S$5.7 million (US$4.4 million) from S$4.0 million in the previous year [10] - Selling and distribution expenses remained stable at S$0.3 million (US$0.2 million) [9] Cash Flow and Financial Condition - As of June 30, 2025, cash and cash equivalents increased to S$5.2 million (US$4.1 million) from S$0.7 million at the end of 2024 [14] - Net cash provided by operating activities was S$10.0 million (US$7.9 million), compared to S$5.5 million for the same period last year [14] - Net cash used in financing activities was S$5.7 million (US$4.5 million), up from S$1.6 million in the previous year [17] Strategic Outlook - The company aims to deepen customer relationships and strengthen vendor partnerships following its Nasdaq listing [3] - The focus on aligning with large-scale infrastructure opportunities and optimizing rental operations is expected to support sustainable growth [3][19]