Higher expenses drag down net profit at TEE International

HIGHER expenses weighed heavily on construction and development group TEE International, which reported lower third quarter net profit despite increased turnover.

Net profit for the three months to Feb 28 declined 21.7 per cent to $1.4 million despite revenue increasing 109 per cent to $53 million.

The firm's direct costs, administrative expenses and finance costs all rose in the quarter.

Earnings per share were 0.32 cent, down from 0.49 cent a year ago. Net asset value per share were 19.3 cents at Feb 28, from 20.3 cents at May 31 last year.

The company's profits for the nine-month period were also weighed down by costs.

Net profit fell 12.7 per cent to $6.7 million although revenue rose 22.6 per cent to $127.7 million.