The lower gross margins from the ongoing projects were mainly due to continued prolonged construction periods which resulted in higher manpower and finance costs.
Memiontec Holdings has guided for a net loss for the 1HFY2025 ended June 30, compared to a net profit in the same period a year ago.
The group says that this is mainly due to lower gross margins recognised from some of the group’s ongoing public utilities board (PUB) projects in Singapore.
