Tee International's net profit nosedives 73.2% to $0.73m

Due to lower share of profits from TEE Land associates.

Despite a healthy increase in revenue due to its development properties, Singapore mainboard-listed integrated engineering, real estate, and infrastructure group Tee International Ltd. started its first quarter for FY2017 with a 73.2% decline in total net profits.

According to the group's announcement, its net profit is down to $737,000 compared to $2.8 million in the same period last year.

Tee said this decline in net profit was "due mainly to the decrease in share of profits of TEE Land’s associated companies and the absence of an one-off gain on disposal of property, plant and equipment."

Meanwhile, its revenue inched up 4.8% to $64 million from $61.1 million.

"Revenue increased by $2.9 million due mainly to higher progressive revenue from development
properties. Correspondingly, cost of sales increased by $2.0 million," the group said.

Looking forward, the group said it will focus on business development efforts by actively participating in new tenders for Singapore and overseas engineering projects.

"In addition, the Group will maintain its commitment to expeditiously complete its on-going Engineering and Real Estate projects, prudent cost management for Engineering and selective pursuit of investment opportunities," it furthered.