The bottom line was partially soothed by divestment gains from the sale of subsidiaries, despite a 62.1 per cent fall in turnover to S$10.6 million. The group fingered “the significant reduction in the contract sum” for certain engineering projects as the culprit for the decrease in revenue.
Even though revenue from continuing operations rose by 32.3 per cent to S$329.9 million, the bottom line was walloped by a higher cost of sales, including Covid-19-related expenses and narrower margins, as well as insolvent customers and other woes at a Malaysian subsidiary. No dividend was recommended by all three companies, which also raised concerns about the impact of Covid-19 on engineering and construction in their outlook statements.
Despite the hit to infrastructure construction, TriTech Group said it is still marketing its in-house technologies, including automation solutions, and can access financing options in China.