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Tee Land swings back into black with 2Q net profit of $1.7m

Published on Jan 8, 2014 8:47 AM

Property developer Tee Land has posted a second-quarter net profit of $1.7 million, reversing a $78,000 loss in the same period a year ago.

This is despite revenue for the Singapore-listed developer falling 23.3 per cent in the three months to Nov 30 last year, Tee Land said in a filing to the Singapore Exchange on Wednesday.

The group turned a profit largely because its associate companies did better. It logged a gain of $1.7 million from its share of results of associates, compared with a loss of $372,000 the year before.

In the three months to Nov 30, the firm contracte sales of $64 million from its residential property development projects in Singapore, excluding joint venture projects. In addition, its Thailand associates sold $16.7 million worth of homes.

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