Tee Land racks up sales, profit

SINGAPORE - Developer Tee Land's net profit jumped to $11.3 million from $2 million.

Revenue for the year ended May 31 was up 35.8 per cent at $40.3 million, mainly due to higher progressive revenue recognised from the development at 91 Marshall and The Peak @ Cairnhill I, progressive revenue recognised for new development, Aura 83, and rental income earned from the "Workotel" development in New Zealand.

This was offset to some extent by the absence of recognition of progressive revenue from 448@East Coast which has obtained its temporary occupation permit last year.

Earnings per share soared to 2.52 cents from 0.45 cent previously while net asset value per share grew by 14.2 cents to 33.1 cents.

A final dividend of 0.75 cent a share was recommended, taking its full year payout to 1.25 cents. Payout last year was one cent a share.