Cost overrun pushes TEE Int'l into the red
Earlier unaudited results had shown an $8m profit
TEE International said it swung to a loss of S$10.69 million for the fiscal year ended May 2014 (FY2014) after making a material adjustment to include a S$18.95 million project cost overrun on a completed project.
This latest audited figure reverses the mainboard-listed property and engineering firm from a profit position to a loss. The firm had earlier announced its unaudited result for the period in late July which included a S$8.26 million profit.
TEE International said the variance was primarily due to the one-off cost overrun which the firm has decided to recognise in the interest of prudence.
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