TT International recorded a net loss of $2.3 million for first quarter ended 30th June 2011 compared with a $7.5 million loss in the previous corresponding period.

Revenue declined 2.2% to $107.7 million compared to the previous corresponding quarter. for first quarter ended 30th June 2011 due to the continued working capital constraint and challenging market conditions. This was in spite of higher sales in the retail segment which was offset mainly by the lower sale in the distribution and trading segment.

The company expects the restructuring expenses and professional fees to be gradually reduced in future quarters.

Source: The EdgeSingapore