Fortified by a hefty order from its engineering division and larger contribution from its integrated real estate segment, Tee International reported that its net profit rose 52.2 percent to S$17.31 million for the financial year ending 31 May 2011, from S$11.38 million in the previous year.
Revenue jumped 62.7 percent from S$155.51 million to S$253.04 million, with earnings per share at 5.56 cents, up from 4.04 cents.
The engineering division contributed S$215.44 million to its revenue, attributed to the recognition of several on-going and completed large-scale construction projects.
The sale of Dunsfold Drive, Cantiz@Rambai and the rest of The Thomson Duplex accounted for S$28.5 million of the group’s total revenue.
The firm’s Thailand ventures have contributed S$9.1 million.
“FY2011 is a new record year for us, as our growth strategy bears fruit,” said Group Chief Executive Phua Chian Kin.
Currently, its engineering order book stands at S$235.3 million, aided by a Brunei public housing project.
The company has diversified outside of the property industry and has a 49 percent share in Thailand’s Global Environmental Technology Co Ltd and an 80 percent interest in Thailand’s Keppel Communication Co Ltd and Singapore’s Trisilco Folex Pte Ltd.
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