Mainboard-listed Tee International, the engineering and integrated real-estate and facilities management group, says the group posted a 72.7% rise in net profit after tax to $11.4 million for the 12 months ended 31 May 2010 (FY2010) compared to $6.6 million in the corresponding period last year
Tee International says the group achieved a record high of $150.5 million in revenue for FY2010, a rise of 56% compared to the corresponding period last year (FY2009).
Maiden contribution from the group’s development property — namely from The Thomson Duplex which received its TOP in April — added to the top line performance.
Engineering projects contributed $135.3 million to the group’s revenue, reflecting a healthy pace of completion for large-scale construction projects such as the Marina Bay SandsTM Integrated Resort, Esplanade MRT Station and Pandan Garden projects.
On the back of firm profit margins in the engineering segment and the maiden profit contribution from the sales of the Thomson Duplex development, the group’s profit before tax rose 57.3% to $14 million compared to $8.9 million in the corresponding period a year ago.
The group has announced a full year dividend per ordinary share of 2.2 cents comprising a final dividend of 1.2 cents and a special dividend of 1.0 cents.
Overall, Tee International believes that the outlook for Singapore and regional construction projects as well as residential and investment properties remain buoyant.
