Tee International Q2 net profit falls 86%

TEE International's net profit for the second quarter fell 86 per cent to S$394,000 from S$2.7 million a year ago led by lower contribution from share of results of associates and joint venture.

The mainboard-listed engineering, property and infrastructure firm posted a 6.6 per cent increase in revenue to S$64.7 million from S$60.7 million a year ago. This was largely owing to higher progressive revenue from development properties that was offset by lower revenue from on-going engineering projects. Earnings per share for the quarter under review came in at 0.08 Singapore cents from 0.55 Singapore cents in the previous year's corresponding quarter.

The company declared an interim cash dividend of 0.12 Singapore cents per share versus 0.15 Singapore cents a year ago.

The counter closed unchanged at 20 Singapore cents on Friday.