Troubled TT International requests extension to announce financial results

TROUBLED consumer electronics retailer TT International said on Tuesday it has applied for an extension of six months till Feb 14, 2018 to announce its unaudited financial statements for Q1 and Q2 FY2018.

This will provide the company with adequate time to pursue a resolution, including ongoing debt restructuring, which may require between three and six months to complete, the group said.

The company added that debt restructuring may materially impact the group's business and operations. Therefore, its financial statements for Q1 and Q2 FY2018 will not be announced by Aug 14, 2017 and Nov 14, 2017 respectively.

For the year ended March 31, TT International reported a loss of S$44.5 million, compared to a loss of S$33.3 million in the year-ago period, while revenue slipped 12.1 per cent to S$304.5 million.

Trading of its shares on the Singapore Exchange has been voluntarily suspended by the company on Aug 4, 2017.