TEE International reports fiscal 3Q net profit surged 89 percent

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TEE International reported on Wednesday its fiscal third quarter net profit surged 89.3 percent on-year to S$708,000 as revenue more than doubled on higher recognition from on-going projects.

Revenue for the quarter ended 28 February more than doubled to S$134.15 million on progressive revenue from on-going engineering projects and from including revenue from the waste and recycling management subsidiaries, TEE International said in a filing to SGX late on Wednesday.

However, the profit contribution from associates and joint ventures dropped 87.8 percent on-year in the quarter to S$201,000, mainly on higher losses from TEE Land’s associated companies, the filing said.

In its outlook, TEE International said the business outlook remained uncertain.

“The engineering business remains focused on delivering projects while working on initiatives that would value-add to existing projects and future tenders,” it said, adding the outstanding order book was at S$425 million as of end-February.

“The infrastructure business continues to expand steadily while building up its capabilities through strategic investments and partnerships,” TEE International said.

However, it said the real estate business remained challenging, and noted that in February, it entered a non-binding term sheet with Top Capital Securities for the proposed sale of shares in TEE Land. Negotiations were continuing, it said.

 

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