Tee International posts 35% drop in 2Q net profit on higher costs
Published on Jan 10, 2014 8:47 AM
Higher costs dragged down second-quarter net profit for Singapore mainboard-listed Tee International, an engineering and property group.
Its earnings for the three months to Nov 30 last year dropped 35 per cent over a year ago to $1.6 million, despite a 13.9 per cent rise in revenue to $50.1 million.
The higher turnover was offset by an 18.2 per cent increase in the cost of sales to $45.8 million, and a 71.9 per cent jump in administrative expenses to $4.2 million.
Cost of sales went up because of higher costs incurred from ongoing overseas engineering projects.
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