TEE International and TEE Land expect to end 2Q and 1H in red on impairment losses

By PC Lee / The Edge Singapore | January 9, 2018 10:16 AM SGT
TEE International and TEE Land have both sounded profit warnings filings on Jan 5.
The provider for infrastructure, utilities and environmental services and the developer say they expect to report losses for 2Q and 1H financial ended Nov.
This was the result of an impairment loss of $6.2 million on the proposed disposal of all the TEE Land's shareholding in its 31.88% owned Thai associate, Chewathai Public Company Limited; and the impairment loss of $1.8 million for the unsold units in Peak at Cairnhill I held by TEE Land as the recent sale of one of the units indicated that the net realisable value of these unsold units has declined.
The group is in the process of finalising its financial results for 2Q and 1H and will provide further details when it releases the results announcement by Jan 14.
This story, written by PC Lee, first appeared on The Edge Singapore.