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Tee International narrows losses in Q2 on absence of year-ago impairment losses

TEE International narrowed its losses for its second quarter ended Nov 30, 2018, it said on Friday. Net losses fell to S$1.9 million, from S$5.2 million in the year-ago period.

Earnings per share as at end-November was 0.38 Singapore cent, versus 1.04 Singapore cent a year ago.

Revenue meanwhile rose 36.1 per cent to S$61.1 million, due mainly to the inclusion of revenue from the waste and recycling management subsidiaries which were acquired in December 2017. 

Net losses also narrowed, mostly thanks to other operating expenses which decreased by S$7.1 million, due mainly to the absence of the one-off impairment losses recognised on the disposal of an associate by Tee Land a year ago.

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Tee Land, which also reported earnings on Friday evening, said that it returned to the black, with a second-quarter net profit of S$65,000, compared to net losses of S$6.7 million a year ago.

Tee Land's revenue inched up 2.5 per cent to S$21.4 million for the quarter.

In December 2018, Tee International said that it was undertaking a strategic review in relation to its subsidiary, Tee Land, to "evaluate opportunities and positioning" to maximise potential value for stakeholders.