TEE International, TEE Land flag loss for Q2, half-year

MAINBOARD-listed TEE International and its subsidiary TEE Land have issued profit guidances, warning they expect a loss for the second quarter and half-year ended Nov 30, 2017, based on a preliminary assessment of their unaudited second quarter and half-year financial results.

The loss was mainly attributed to an impairment loss of S$6.2 million on the proposed disposal of the group's shareholding in its 31.88 per cent owned Thai associate, Chewathai Public Company Limited as announced on Dec 20, 2017; as well as an impairment loss of S$1.8 million for the unsold units in Peak I held by its subsidiary, TEE Land Limited.

On the latter, the companies said the recent sale of one of the units in Peak I indicated that the net realisable value of these unsold units has declined.

They said the group is currently in the process of finalising its financial results for the second quarter and half-year and will provide further details when it announces its results this month.

TEE Group was established in the 1980s, and has grown from a general electrical contractor to an integrated engineering, real estate and infrastructure group. It has operations in Singapore, Thailand, Malaysia, Hong Kong and New Zealand.