TEE International’s H1 profits soar 24.5% to $6.1m

Thanks to a $69m string of contract wins.

TEE International, a regional engineering, real estate and infrastructure group, racked in a $6.1m net profit in the first half of FY16, on back of a string of contract wins. According to the company’s media release, its earnings reflect a 24.5% surge from 1HFY15’s $4.9m.

The company asserted that it was awarded two new engineering contracts worth $69m in December 2015, bringing the company’s total outstanding order book to about $383m to date.

The first contract, awarded to TEE’s subsidiary PBT Engineering by Changi Airport Group, is worth about $53.4m and involves serving as a nominated sub-contractor to carry out engineering works for the construction of airfield ancillary buildings at Singapore Changi Airport.

The second contract was awarded to TEE by BDB Synergy, a specialised general and turnkey contracting firm in Malaysia, for the water treatment plant and civil works package. According to TEE, the contract is worth about RM47.1m, or $15.6m.

In respect to its real estate arm (TEE Land), TEE stated that it remains cautious of the real estate business outlook in Singapore and the markets it operates in. Taking into consideration the tough business landscape, TEE Land will purportedly remain focused on executing its ongoing development projects, and evaluate investment opportunities selectively in Singapore and the region.