Tiong Seng Holdings Limited provided consolidated earnings guidance for the year ended December 31, 2022. The Board announced that based on the preliminary assessment of the latest unaudited consolidated management accounts, the Group expects to record a net loss in fiscal year 2022. The Group had recorded a net loss of SGD 44.5 million in the six months ended 30 June 2022.

The Group's expected net loss in fiscal year 2022 was mainly attributable to delays in the progress of construction work arising from shortages in the supply of foreign labour which only began easing towards the end of the second quarter of 2022 and increases in material, labour and subcontracting costs.