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

SINGAPORE (Jan 8): TEE International and TEE Land have both sounded profit warnings filings on Friday night.

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.

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