TT International's woes continue in Q3 with losses widening

SINGAPORE - TT International's third quarter net loss widened to $10.5 million from $7.1 million.

Revenue for the three months to Dec 31 shrank by 17.6 per cent to $62.4 million.

Lower revenue was in line with the soft market conditions in Indonesia and Australia. Gross profit margin increased to 22.7 per cent compared to 22.2 per cent in the same period last year.

Despite the improvement in the gross profit margin, loss from operations increased by $4.8 million.

This was due to a combination of factors - lower gross profit contributed by lower sales, increase in pre-operating and setting-up expenses for the Big Box project and impairment of goodwill.

Loss per share worsened to 1.1 cents from 0.87 cent.

Net asset value per share fell to 2.05 cents compared to three cents as at March 31.

TT said the next 12 months are expected to continue to be challenging.

"Shareholders and the public are advised to exercise caution before making any decision in respect of their dealings in the company's shares," it warned.