TEE International tumbles, reports $6.4m net loss for Q3

The company attributed its gross loss to its engineering and construction business segment.

Regional engineering firm TEE International posted an overall loss for the third quarter, ending on February 28.

In a bourse disclosure, the company reported that it had a $6.4m net loss for the third quarter of the fiscal year, more than a third higher than the $4.1m net loss for the same period in 2019-20.

"The gross loss was mainly due to the engineering and construction segment. However, the Group's environmental business and rental income from its investment properties remains stable, resulting in an overall gross loss position," TEE said.

It cited the high cost of manpower deployment to comply with COVID safety management measures as one of the challenges to its engineering and construction sector. The supply chain for materials was also disrupted by the pandemic.

As for its environmental business, its waste management services has continued to grow, and it has expanded its cleaning solutions.

"The group will continue its efforts to selectively divest its investment in overseas infrastructure assets," TEE added.

As of end February, TEE's liabilities exceed its assets by $5.7 m and $41.7 m respectively.

TEE is currently ongoing arbitration proceedings in connection to a construction contract in Malaysia.

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