SINGAPORE (Apr 11): TEE International reported 3Q19 earnings rose by 89.3% to $708,000 million, compared to $374,000 in 3Q18.

The stronger bottomline also narrows its 9M losses to $5.03 million from $5.76 million a year ago.

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&rsquo s associated companies.