SINGAPORE (May 31): TT International, the operator of Big Box hypermart in Jurong, saw losses for the FY17 ended March widen to $44.5 million from $33.3 million a year ago.
Full-year revenue fell 12.1% to $304.5 million mainly due to weaker sales generated by overseas subsidiaries as a result of lower customer spending due to weakened global economic conditions.
Loss from operations increased by 24.8% to $37.5 million mainly due to increase in other operating expenses such as revaluation deficit in properties and fixed assets, loss disposal of fixed assets, utilities and a writeback of provision of scheme of arrangement for creditors and scheme-related expenses in previous year.
TT International, which is undergoing restructuring under the scheme of arrangement, has launched its new "shop-in-shop" concept by introducing Japanese Supermart brands "Gyomu Super" inside its Big Box hypermart, and the niche display of products by country of origin.
The group says it will also continue to focus on the expansion of its Indonesian operations.
However, the ability of the group to continue in operation in the foreseeable future will depend much on the the successful implementation of the scheme of arrangement, profitability of future operations and ability to secure financing support when required.
Shares of TT International closed 0.1 cent higher at 4.3 cents.
