TEE International has announced yesterday it made a loss of $10.69 million, instead of a profit of $8.26 million as reported earlier.
In a statement, the Singapore-listed company said, “The variances were primarily due to a one-off project cost overrun amounting to $18,950,000 on a completed project. Based on the information available to-date, current developments and discussions with various professionals, management has decided, in the interest of prudence, to recognise the cost overrun in full.”
The company is taking action to recover the cost overrun from the sub-contractors. “In one of the company’s claim against its sub-contractors, the arbitrator has ruled in favour of the company with only the quantum of the claim to be determined,” it said in an SGX announcement.
An integrated engineering, real estate and infrastructure group, TEE International’s operations span primarily in Singapore, Thailand, Malaysia, Hong Kong and New Zealand.
On 8 September 2014, the group announced it secured another $73 million worth of new contracts in Singapore.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
