SINGAPORE (May 29): Tritech Group, the provider of engineering products and services, reported FY17 losses narrowed to $11.7 million from $14.2 million a year ago.
Full-year revenue decreased to $61 million from $69.2 million mainly due to the decrease in revenue in the engineering business of $1.8 million and water-related and environmental business of $6.4 million.
In March, developer Capital World launched a reverse takeover of Terratech Group, Tritech's marble resources business.
Terratech reported FY17 losses widened to $6.4 million from $3.9 million a year ago.
Revenue decreased to $8.9 million from $10 million a year ago due to lower sales contribution from its China operations Shaanxi Hengyu Architectural Interior Engineering Co which saw fewer projects.
Other expenses increased by $2.9 million mainly due to professional fees incurred in the reverse takeover transaction of $2 million.
Tritech and Capital World closed at 6 cents and 14 cents respectively.
