TEE International's gains take 32.9% dive to S$2.47m

Check out what's to be blamed.

According to OCBC, TEE International’s 2Q FY2013 results were below the firm's expectations, with net profit falling 32.9% YoY to S$2.47m (taking 1H FY2013 net profit to S$5.32m, just 24% of OCBC full year forecast), due mainly to a sharp drop in associates’ contributions.

"Revenue rose 13.5% to S$44.0m, in line with our revenue forecast for the full year. TEE declared an interim cash dividend of 0.65 S cent/share,higher than the 0.6 S cent dividend it paid a year ago," OCBC said.

Despite the disappointing results, its main engineering segment orderbook remains strong at S$183.0m, while its real estate segment has contracted sales of S$51.9m for ongoing residential development projects in Singapore.

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