Engineering and real estate group TEE International saw net profit double to $374,000 in its fiscal third quarter, while its listed property arm, TEE Land, said net profit swelled to $1.2 million over the same period.
TEE International's earnings per share rose to 0.07 cent for the three months ended Feb 28. For the nine-month period, the group had a net loss of $5.8 million.
Revenue rose 23.1 per cent to $64.7 million for the three months to Feb 28 as TEE International recognised progressive revenue from development properties and ongoing engineering projects.
TEE Land's net profit of $1.2 million in the third quarter was a sharp improvement from its year-ago profit of $66,000. However, the developer had a nine-month loss of $5.5 million.
TEE Land, which saw third-quarter revenue grow 31.5 per cent to $31.3 million on the back of new projects, is declaring an interim cash dividend of 0.25 cent per share.
Looking ahead, TEE International said the outlook "remains challenging amid a competitive environment and increased uncertainties".
TEE Land painted a rosier picture, describing a "generally positive" outlook for the Singapore residential market.
Commodities firm Noble Group's shares surged more than 60 per cent yesterday after senior creditor support for the company's restructuring passed a key threshold, removing one source of uncertainty from the controversial deal on which the trading house's survival depends.
The stock jumped by 62 per cent, the most on record, to 12.6 cents, rising for a fourth day in the best run this year. It is still down 37 per cent so far this year.
More than 75 per cent of Noble Group's senior creditors have signed the restructuring support agreement, which would see the commodity trader's debt cut in half and its creditors take control, according to the company.
The deal is crucial to Noble's survival. Without it, the trader would be forced into liquidation, it said last month. The 75 per cent threshold is important because it is the level of approvals the company needs from creditors to implement the accord under a planned scheme of arrangement. Noble said it is still negotiating with shareholders and the Singapore Exchange.