Tee Land's Q3 earnings tumble

Singapore

PROPERTY developer Tee Land's earnings fell 66 per cent in the fiscal third quarter as its revenue almost halved.

The group recorded net profit of S$1.19 million for the three months ended Feb 28 (Q3 FY2015), down from S$3.45 million a year ago.

Revenue tumbled 46.6 per cent to S$8.36 million. This was due mainly to progressive revenue recognised for only one development project compare…