Tee International reports 65.1% drop in Q4 net profit
Published on Jul 23, 2014 11:42 AM
SINGAPORE - Higher costs dragged dow n fourth-quarter net profit for Singapore mainboard-listed Tee International, an engineering and property group.
Its earnings for the three months to May 31 dropped 65.1 per cent over a year ago to $2.3 million, while revenue fell 47.6 per cent to $46.6 million, it said on Wednesday.
Earnings for the full year to May 31 fell 59.3 per cent to $5.4 million, as revenue dipped 6.3 per cent to $202.8 million.
The group reported a rise in administrative expenses due to higher staff costs for its 2014 financial year. The higher staff costs were in turn mainly attributable to the group's overall business expansion, including buying crane company Interlift Sales last year.
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