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

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.

Tee Land has also completed the acquisition of two plots of land in Bangkok in recent months.

The company, which said on Tuesday it would buy Long House Food Centre at Upper Thomson Road for $45.2 million, has declared an interim dividend of 0.5 cents per share.

It "remains cautious" in view of increased challenges in Singapore, the company said in its statement on Wednesday.

Tee Land is also "carefully monitoring the recent political developments in Thailand", but continues to take a long term view of its investments there, it added.