12 Oct '15, 3am

Tee Land reports 47.9% declines in revenue, but profit remains relatively unchanged

Comment E-mail to friend Bookmark & Share Singapore-listed developer TEE Land has reported a 47.9 percent decline in revenue to $3.4 million in the first quarter of the 2016 financial year, compared to $6.4 million in Q1 FY2015. This is due mainly to lesser revenue recognition for development projects. The group’s gross profit remained relatively unchanged at $1.8 million during the period. Jonathan Phua, Executive Director and CEO of TEE Land, said: “Going into the second quarter of FY2016, we expect to obtain Temporary Occupation Permits (TOP) for two well sold projects in Singapore. “In addition, we will continue to build our portfolio of income-generating properties to balance our property developments and mitigate risks associated with economic cycles and market volatility.” Meanwhile, the group’s associated company, Chewathai Limited, has entered into an agreement to...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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