TEE International's net profit shrinks nearly a third to $2.5m

TEE International has posted a 32.9 per cent drop in second quarter net profit to $2.5 million.

Revenue for the three months ended Nov 30 was up 13.5 per cent at $44 million.

This was mainly attributable to recognition of revenue from some of the construction projects which were awarded in last quarter and ongoing projects.

The fall in profit was mainly due to the increase in income tax expense and lower contribution from associates.

Earnings per share slipped to 0.63 cent from 1.04 cents previously while net asset value per share shrank to 19.8 cents compared to 20.3 cents as of May 31.

For the first half year, net profit fell by 10 per cent to $5.3 million on the back of a 5.2 per cent tumble in revenue to $74.7 million.

An interim dividend of 0.65 cent a share was declared, up from 0.6 cent last year.