Beng Soon Machinery Holdings Limited provided earnings guidance for the six months ended 30 June 2023. The Group is expected to record a loss after income tax of approximately SGD 2.6 million, as compared to a profit after income tax of approximately SGD 0.2 million for the corresponding period in 2022. The expected loss after income tax was mainly attributable to (i) significant decrease in the revenue recognised by the Group, as certain on-going projects are at their final phase and the relevant revenue has already been recognised in prior years.

Although a number of new projects have been awarded to the Group, these projects are still in the preparatory stage and the relevant revenue cannot be recognised by the Group during the period; and (ii) the plummet in the price of salvage materials as their demand in Singapore and other countries such as Mainland China have diminished as a result of the adverse market conditions in Asia during the period, which collectively affected the Group's revenue, business and financial results during this period.