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Tee International Q2 net profit down 5.8%; lower turnover from engineering projects

MAINLY due to lower turnover from on-going engineering projects and higher administrative expenses, Tee International, a mainboard-listed engineering and property company, recorded a Q2 FY2015 net profit slump of 5.8 per cent to S$1.52 million for the three months ended Nov 30, 2014.

Revenue over the same period fell 14.2 per cent to S$43.0 million.

Overall, the group expects the business environment to remain challenging, and will be selective in seeking growth opportunities in Singapore and the region.

Tee International will continue to be focused on delivering its on-going projects on time. It will also leverage on its existing business network to secure new engineering projects locally and regionally, the company said in a statement.

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For the three months ended Nov 30, 2014, Tee International's earnings per share stood at 0.31 Singapore cents, while net asset value per share was 19.2 cents.

Interim dividends of 0.18 cents per share were issued for the quarter, 0.27 cents down from the corresponding period of FY2014.

Before results were released on Tuesday, Tee International's shares closed at S$0.285, 1.72 per cent down from the previous closing day.