The group noted that the flow of labour remained restrictive until the entry requirements were streamlined in June this year, this allowed it to access more workers in 2QFY2022 compared to the previous quarter.
Construction group Tiong Seng announced that it has made a loss of $44.0 million for the 1HFY2022 ended June period, compared to earnings of $1.4 million in the same period a year ago. The group has attributed its loss to rising labour, material and subcontracting costs.
Alongside the group's loss in this period, its revenue has declined by 16.8% y-o-y to $148.7 million, mainly due to a decrease in construction work for the engineering solutions segment for finished products such as mass engineered timber and prefabricated prefinished volumetric construction (PPVC), as well as a reversal of over-recognised revenue from the engineering solutions segment of approximately $8.0 million in aggregate from the prior reporting periods.
