Ming Shing Group Holdings Limited Announces Unaudited Financial Results For The Six Months Ended September 30, 2025
Rhea-AI Summary
Ming Shing Group Holdings (Nasdaq: MSW) reported unaudited results for the six months ended September 30, 2025. Revenue fell 51.6% to US$8.43 million; gross loss was US$2.77 million and net loss was US$3.60 million. The company cites completed contract works and project variation negotiations as drivers.
Cost of revenue declined 25.4% to US$11.20 million; management affirms continued wet trades operations in Hong Kong.
Positive
- Cost of revenue decreased by 25.4% to US$11.20 million
- Company continues active wet trades operations in Hong Kong
- Most contract works were completed by March 31, 2025
Negative
- Total revenue declined by 51.6% to US$8.43 million
- Reported a gross loss of US$2.77M versus prior gross profit
- Net loss of US$3.60M, a 466.1% deterioration year-over-year
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: some up (e.g., OFAL, SKK) and some down (e.g., FBGL, VATE), while MSW was up 2.44%, suggesting stock-specific factors around these weak earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 21 | Earnings results | Positive | +0.5% | H1 2024 earnings with 31.8% revenue growth and stable profitability. |
The only prior tagged earnings release with revenue growth saw a modest positive price reaction of 0.47% on the following day.
This announcement contrasts sharply with Ming Shing’s prior earnings update on Mar 21, 2025, when H1 2024 revenue grew 31.8% to US$17.4M and gross profit rose while net income was slightly lower at US$984,549. Today’s H1 2025 figures show revenue down 51.6% to US$8,431,393, a gross loss of US$2,769,960, and net loss of about US$3.6M, indicating a rapid deterioration from the previously profitable baseline.
Historical Comparison
Previous earnings on Mar 21, 2025 showed revenue and gross profit growth with a modest 0.47% move. Today’s H1 2025 update reverses those trends with revenue halving and a sizeable net loss.
Earnings trajectory shifted from growing, profitable H1 2024 results to H1 2025 revenue contraction and a gross and net loss position.
Market Pulse Summary
This announcement highlights a significant reversal in Ming Shing’s financial trajectory. For the six months ended September 30, 2025, revenue fell 51.6% to US$8,431,393, gross profit turned into a US$2,769,960 loss, and net results shifted from US$984,549 income to roughly a US$3.6M loss. Management attributes this to contract timing, variation orders, and project delays. Investors may focus on how quickly margins and project execution can be stabilized relative to the stronger H1 2024 baseline.
Key Terms
gross profit margin financial
AI-generated analysis. Not financial advice.
Hong Kong, March 20, 2026 (GLOBE NEWSWIRE) -- Ming Shing Group Holdings Limited (“MSW” or the “Company”) (Nasdaq: MSW) is an exempted company with limited liability incorporated under the laws of the Cayman Islands with no material operations of its own. The Company, through its indirectly wholly-owned operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, is engaged in wet trades works services in Hong Kong. The Company today announced its unaudited financial results for the six months ended September 30, 2025.
First Half of 2025 Financial and Operating Highlights
| ● | Total revenue decreased by | |
| ● | Gross profit decreased by | |
| ● | Net income and total comprehensive income decreased by |
Mr. Wenjin Li, Chief Executive Officer of the Company, commented, “In our operating history of approximately ten years, we have focused on providing wet trades work services in the role of a subcontractor. We take pride in our portfolio in wet trades works. In the six months ended September 30, 2025 we continue to provide quality wet trades works to our customers and expand our business. Leveraging our established track record, our expertise in wet trades operations and our experienced management team, we believe we are well-positioned to capture the growth of the wet trades works market in Hong Kong and expand our business.”
FINANCIAL RESULTS
Revenue
Revenue decreased by
Cost of revenue
Cost of revenue decreased by
Gross profit and gross profit margin
The gross loss was US
The decrease in gross profit was mainly attributable to (a) additional work has been necessitated with variation orders for certain projects, but the amounts of these variation orders are still under negotiation with the relevant customer; and (b) unexpected delays in site instructions have led to cost overruns during the six months ended September 30, 2025 and additional work being required to meet project specifications.
Net (loss) income and total comprehensive (expense) income
Net income and total comprehensive income decreased by
About Ming Shing Group Holdings Limited
Ming Shing Group Holdings Limited is a Hong Kong-based company mainly engaged in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works. With a mission to become the leading wet trades works services provider in Hong Kong and the United States, the Company strives to provide quality services that comply with its customers’ quality standards, requirements, and specifications. The Company conducts its business through its two wholly-owned Hong Kong operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co. Limited. MS (HK) Engineering Limited is a registered subcontractor and a registered specialist trade contractor under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council and undertakes both private and public sector projects, while MS Engineering Co., Limited mainly focuses on private sector projects. For more information, please visit the Company’s website: https://ir.ms100.com.hk.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Ming Shing Group Holdings Limited
Investor Relations Department
Email: ir@ms100.com.hk
FAQ
Why did MSW report a 51.6% revenue decline for the six months ended September 30, 2025?
What caused Ming Shing Group (MSW) to record a gross loss in H1 2025?
How large was MSW's net loss for the six months ended September 30, 2025 and why?
Did Ming Shing Group reduce costs in H1 2025 despite lower revenue (MSW)?
What is MSW management's outlook after the September 30, 2025 results?
