Tee

Tee Int’l: Record FYJun10 results. Revenue +56% to $151m, net earnings +73% yoy to $11.4m, driven by maiden contribution from the sale of completed development properties (mainly The Thomson Duplex which TOP in Apr) and healthy pace of completion for large scale construction projects such as Marina Bay Sands, Esplanade MRT and Pandan Garden projects. To pay final and special div of 2.2cts (6% yield) vs 1.2cts last yr…

Outstanding order book for engineering segment stands at $198m (projects include MBS, Asia Square Tower One, Orchard MRT). Group also has $49m in contracted sales for development properties which will be booked progressively over next FY. SG residential projects under development include Cantiz@Rambai, Dunsfold Drive, Killiney & Wood (JV with Heeton Hldgs and KSH Hldgs), Cairnhill Circle (JV with TG Dev), while projects in Thailand are the Chewathai Ratchprarop and The Surawong in Bangkok.