Revenue for the quarter more than doubled to $134.1 million from $64.7 million last year, due mainly to the higher contribution of progressive revenue from on-going engineering projects and inclusion of revenue from the waste and recycling management subsidiaries.
In line with the increase in revenue, cost of sales also more than doubled y-o-y to $124.4 million, bringing gross profit to $9.78 million, 3.7% lower than $10.2 million in 3Q18.
Other operating income dropped by 70.1% y-o-y to $0.54 million, while selling and distribution expense have decreased by 55.1% y-o-y to $1.64 million.
During the quarter, the group recorded profits from other operating expenses of $0.51 million from $1.24 million a year ago, due mainly to the absence of the one-off impairment losses recognised on the disposal of an associate by TEE Land in 3Q18.
Share of results of joint associates and joint venture dropped by 87.8% y-o-y to $201,000, due mainly to the share of higher losses from TEE Land’s associated companies.
As at end-February, the group’s cash and cash equivalents stood at $35.8 million.
Looking forward, the group remains uncertain regarding its business outlook.
Nonetheless, it will remain focused on delivering projects in its Engineering business, while working on initiatives that would value-add to existing projects and future tenders. As at Feb 28, the outstanding book order was $425 million.
Meanwhile, the Real Estate sector is expected to remain challenging. The group on Feb 25 announced that it will be selling shares in TEE Land to Top Capital Securities. Negotiations are currently in progress.
The Infrastructure business continues to expand steadily while building up its capabilities through strategic investments and partnerships.
Shares in TEE International last traded at 12 cents on Wednesday.
