Ming Shing Group Holdings (NASDAQ:MSW), a leading provider of wet trades for the Hong Kong construction industry, today announced its unaudited financial results for the six-month period ended September 30, 2025.
The company reported a significant contraction in its top line, with revenue falling 51.6% to US$8.43 million, compared to US$17.43 million in the same period last year.
The decline was primarily attributed to the timing of project completions and ongoing negotiations regarding project variations.
While the cost of revenue decreased by 25.4% to US$11.20 million, it did not fall as sharply as revenue, leading to a gross loss of US$2.77 million for the period.
Higher labor and material costs associated with specific complex projects also weighed on margins.
Consequently, Ming Shing reported a net loss of US$3.60 million for the first half of the fiscal year.
Despite the current financial headwinds, management remains focused on its core operations in the Hong Kong residential and commercial sectors.
The company specializes in essential "wet trades," including masonry, tiling, and plastering, which are critical in the final stages of building construction.
Management affirmed that the current project pipeline remains active and that they are aggressively pursuing new tenders to stabilize revenue in the second half of the fiscal year.