Company briefs :TEE International

TEE International

Engineering and property firm TEE International's second-quarter earnings grew 23.4 per cent on the back of higher contribution from its engineering business and lower share of profit by non-controlling interest in the real estate subsidiaries.

Net profit for the three months ended Nov 30 last year was $3.4 million, up from $2.7 million in the same period a year earlier.

Revenue rose 41.3 per cent to $60.7 million, due mainly to higher revenue from on-going engineering projects, although revenue from real-estate projects is lower, said the company yesterday.

Earnings per share for the quarter were 0.55 cent, up from 0.31 cent a year earlier. Net asset value rose from 19 cents as of May 31 last year to 19.6 cents as of Nov 30 last year.

The company declared an interim dividend of 0.15 cent per share.

Ezion Holdings

Service jack-up operator Ezion Holdings has secured an agreement to jointly market two service rigs built by a Chinese state-owned enterprise.

The rigs are to support offshore wind-farm, oil and gas activities in the energy sector, said the company in a statement yesterday.

Ezion will provide the technical expertise for the operations and deployment of the two rigs. It has also been granted options to purchase the rigs.

The agreement is not expected to have material impact on the company's earnings per share or net tangible assets per share for the financial year ending Dec 31.


HSBC is likely to stay based in London rather than relocate to Asia, according to Mr Martin Gilbert, chief executive officer of one of the British bank's biggest shareholders.

"The logistics of moving their headquarters out of London are so vast," Mr Gilbert, chief executive of Aberdeen Asset Management, said in an interview with Bloomberg Television yesterday.

"I suspect, much as they might want to move their headquarters, they will probably on balance stay here."

Mr Gilbert said he had no knowledge of any choice being made by HSBC, but Aberdeen would back HSBC's board regardless of the decision. Aberdeen holds 2.3 per cent of HSBC's shares, according to data compiled by Bloomberg.


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A version of this article appeared in the print edition of The Straits Times on January 13, 2016, with the headline Company briefs :TEE International. Subscribe