Tee International’s net profit plunged 76.5% to $133,000 in Q3

Due to weaker margins and higher expenses.

Tee International yesterday reported that its net profit dipped 76.5% year-on-year to just $133,000, due mostly to weaker gross margins and higher admin and finance expenses.

During the period under review, TEE Group’s revenue decreased by 17.8% as a result of lower revenue recognised during the period for on-going real estate and engineering projects.

TEE Group’s net assets as at 28 February 2015 totalled at S$96.9 million, and this translates to a net asset value per share of 19.3 Singapore cents.

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