Cost overrun pushes TEE Int'l into the red

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.