SINGAPORE - Engineering and real estate group Tee International saw net profit double to S$374,000 in its fiscal third quarter, while its listed property arm, Tee Land, said net profit swelled to S$1.2 million over the same period.
Tee International's earnings per share rose to 0.07 Singapore cent for the three months ended Feb 28, 2018. For the nine-month period, the group had a net loss of S$5.8 million, or 1.15 Singapore cents per share.
Revenue rose 23.1 per cent to S$64.7 million during the quarter as TEE International recognised progressive revenue from development properties and ongoing engineering projects.
Tee Land's net profit of S$1.2 million, or 0.26 Singapore cent per share, in the third fiscal quarter was a sharp improvement from its year-ago profit of S$66,000. However, the developer had a nine-month loss of S$5.5 million, or 1.24 Singapore cents per share.
Tee Land, which saw third-quarter revenue grow 31.5 per cent to S$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 that 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. Nevertheless, the property company said that it will remain cautious amid global geopolitical uncertainties.