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Tee International's Q1 profit up 23.6%

TEE International's net profit for the first quarter ended August rose 23.6 per cent from S$2.2 million to S$2.8 million.

The engineering, real estate, and infrastructure group said revenue rose 44.2 per cent from S$42.3 million to S$61.1 million mainly due to higher revenue recognised for ongoing engineering projects.

For the engineering business, total unfulfilled order book stood at about S$377 million at the end of Q1 FY2016. On the real estate front, Tee Land continues to remain cautious over the real estate business outlook in Singapore and the markets it operates in, said the group. Upon obtaining the temporary occupation permits (TOP) for two projects sold in Singapore, Tee Land will further increase its share of results of associates in the next quarter.