GT Steel Construction Group Limited informed 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 three months ended 31 March 2021, the Group is expected to record a loss after tax of approximately SGD 743,000 as compared to a loss after tax of approximately SGD 465,000 (exclusive of expenses in relation to the proposed transfer of the shares of the Company from GEM to the Main Board of the Stock Exchange of approximately SGD 57,000) for the three months ended 31 March 2020. The Board considered that the aforesaid loss after tax was mainly attributable to (i) the delay of the projects; and (ii) higher subcontractor costs due to staggering start times and implementing shifts for the subcontractors in response to the social distancing safety measures caused by the outbreak of COVID-19, a highly contagious form of novel coronavirus disease.