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Tee International's Q1 profit plunges 74%

ENGINEERING group Tee International on Friday posted a 74 per cent drop in first-quarter net profit to S$648,000 from S$2.5 million a year ago, due to a decrease in the share of profits of associated companies and the absence of a one-off disposal gain.

Revenue for the three months to August rose 4.8 per cent to S$64 million on the back of higher progressive revenue from development properties.

Earnings per share fell to 0.13 Singapore cent from 0.49 Singapore cent.

No dividend was declared.