The board of directors of the GT Steel Construction Group Limited announced the shareholders of the Company and potential investors that, based on the information currently available to the Company and the preliminary review by the Board of the unaudited consolidated management accounts of the Group for the nine months ended 30 September 2021, the Group is expected to record a loss after tax of approximately SGD 4.3 million as compared to a loss after tax of approximately SGD 2.2 million for the nine months ended 30 September 2020. The Board considered that the aforesaid loss after tax was mainly attributable to slower inflow of new projects due to the impact of COVID-19, a highly contagious form of novel coronavirus disease; the fluctuation in the price of steel due to changes in market supply and demand, which is affected by factors such as global economic conditions and the production capacities of steel mill; and higher subcontractor costs due to staggering start times and shifts implemented as the social distancing measures to combat COVID-19.