Singapore-listed engineering and property firm TEE Group reported a net profit of $5.4 million for the first nine months ended 28 February 2015.
But revenue slipped during the period, falling 17.8 percent to $128.4 million as a result of lower contribution from ongoing real estate and engineering projects.
The group’s real estate business continues to grow in Australia and New Zealand with two hotels in Sydney and one workers’ accommodation and a guest house respectively in Christchurch.
Meanwhile, a total of $45 million worth of engineering works for commercial buildings in Singapore were recently secured.
TEE’s engineering contracts involve several large-to-mid scale projects including Marina One, Tampines Hub and Changi Airport in Singapore, and overseas projects such as MDIS Educity@Iskandar, St Regis and The Parisian in Macao.
Commenting, Group CEO C K Phua said: “Going forward, we will remain focused on strengthening our three core businesses, and cautiously seek to grow the businesses locally and in the region.”
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
