The board of directors of GT Steel Construction Group Limited announced 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 three months ended 31 March 2020, the Group is expected to record a loss after tax of approximately SGD 465,000 (exclusive of expenses in relation to the proposed transfer (the ``Proposed Transfer'') of the shares of the Company from GEM to the Main Board of the Stock Exchange of approximately SGD 57,000), as compared to the profit after tax of approximately SGD 2,484,000 (exclusive of expenses in relation to the Proposed Transfer of approximately SGD 153,000) for the three months ended 31 March 2019. The Board considered that the aforesaid loss after tax was mainly attributable to the outbreak of COVID-19, a highly contagious form of novel coronavirus disease, which resulted in the delay or suspension of the projects and significantly affect the Group's business and financial results.