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TT International's Q3 loss widens to S$16.21m due to higher expenses
TT International's net loss widened to S$16.21 million for the third quarter ended Dec 31, 2015, from S$10.48 million in the corresponding period a year ago.
This was despite a 73.6 per cent jump in revenue to S$108.35 million, thanks to the commencement of operations in Big Box, as well as business expansion in Indonesia. Increased sales from warehousing and logistics services also contributed to the increase in revenue.
TT International said that its wider net loss for Q3 FY2016 was mainly due to various expenses - including S$7.9 million in non-cash expenses such as depreciation; S$4.1 million Big Box property tax, and S$2.9 million spent on the expansion of operations in Indonesia.
Excluding the effects of these and other expenses, the group said that it would have recorded a smaller net loss of S$0.9 million for Q3 FY2016.
Loss per share stood at 1.59 Singapore cents, compared to 1.10 Singapore cents in Q3 FY2015.
No dividend was declared.