Revenue for the FY17 fell 3.2% to $258.1 million due mainly to the recognition of lower revenue from on-going engineering projects.
Cost of sales correspondingly decreased by $14.6 million or 25.2% to $258.1 million. Gross profit increased 19.7% to $37.5 million due mainly to higher gross profit margin for certain completed engineering projects.
Other operating income rose 21% to $11.4 million due mainly to impairment loss on investment properties.
Selling and distribution expenses widened 71.9% to $5.3 million from $3.11 million due mainly to higher sales and direct marketing expenses incurred by TEE Land.
Share of results of associates and joint venture swung to a loss of $2.1 million from a profit of $5.3 million due mainly to impairment and losses incurred by TEE Land’s associated companies.
Looking ahead, TEE International says the business environment remains challenging and the group will continue to focus on expeditious completion of its on-going Engineering and Real Estate projects as well as prudent cost management for Engineering.
Shares in TEE International last traded at 21 cents.
