TEE International sees wider net loss of S$8.8m for FY18; Q4 loss narrows to S$1.25m

MAINBOARD-LISTED TEE International reported a net loss of S$8.8 million for the 2018 fiscal year ended May 31, compared with a loss of S$1 million in the previous year, the engineering and real estate group said on Thursday.

The loss for the year was mainly attributed to various one-off non-cash items totalling S$10.2 million from the real estate business.

For the fiscal fourth quarter, net loss decreased by 59.4 per cent to S$1.25 million compared to losses of S$3.08 million for Q4 2017.

Loss per share was 0.37 Singapore cent for the fourth quarter ended May 31, or 1.52 Singapore cents for the full year.

However, revenue increased 7 per cent to S$271.3 million from S$253.6 million last year, on the back of newly acquired waste and recycling management subsidiaries, and higher progressive revenue contribution from development properties.

Revenue rose 26.5 per cent from S$72.31 million to S$91.49 million for the fourth quarter.

TEE Group chief executive C.K. Phua said: "Despite the challenging business landscape, TEE Group will continue striving for improvement in our operating performance through prudent cost management and business development efforts, coupled with implementing initiatives that build up our capabilities and enhance our competitiveness in the market."

On April 30, TEE issued bonus warrants on the basis of one warrant for every 10 existing ordinary shares held by existing shareholders, which, if exercised, will strengthen its balance sheet and provide additional financial flexibility, the group said.

About 50.2 million bonus warrants were issued with an exercise price of S$0.215 per warrant, which can be exercised within the period from date of issuance to Oct 30, 2020.