TEAC Still A ‘Basket Case’ In Australia
Melbourne based, TTA Holdings whose core business is the distribution of TEAC branded products in Australia has reported another loss as sales slump another $2M.
Sales revenue for the year went from $14.2m to $12.2m the Group recorded a loss after tax of $100k.
Recently TT International the struggling Singapore based parent Company was forced to put their ‘Big Box’ store up for sale after receivers were appointed to the retail business.
The landmark eight-storey building in Jurong East Regional Centre in Singapore is owned by Big Box Pte Ltd (BBPL), a 51-per cent subsidiary of struggling mainboard-listed consumer electronics retailer TT International.
The Company said that although the financials have deteriorated in the last few years in Australia the Group is confident in the next financial reporting period, both revenue and profits will improve.
According to ChannelNews sources several Companies have tried to get the rights to the TEAC brand that is seen as a replacement brand for house brand products. Currently JB Hi Fi, Harvey Norman, Good Guys and Betta Home Living Stores range TEAC products.
The group reported a $300k operation profit before tax compared to $150k operation profit before tax in the last financial year.
The current assets over liability ratio is over 3.5x and equity in the business is said to be over $9m.
Trading in TT International’s shares has been voluntarily suspended since Aug 4, 2017. The company has been undergoing a period of restructuring under a scheme of arrangement since April 2010.
