PROPERTY firm Tee Land on Friday posted a net profit of S$597,000 for the first quarter ended August 2016, down 33 per cent from S$885,000 a year ago.
The lower profit was attributed to higher promotional expenses for new projects launched and higher finance costs over the period as well as lower share of results of associates due to completion of a number of projects and full revenue recognition in the previous financial year.
Revenue jumped over fourfold to S$13.8 million from S$3.4 million largely due to higher progressive revenue from development projects, namely Third Avenue at Cyberjaya in Malaysia and Hilbre 28 in Singapore's District 19.
Earnings per share came in at 0.13 Singapore cent versus 0.20 Singapore cent in the previous year's corresponding quarter.
As a year ago, no dividend was declared.
The group said it does not expect any major changes to the property market conditions in Singapore and Malaysia, which will continue to be challenging. The Thailand property market remains relatively stable, although it pointed out growing concern of an over-supply of condominiums.
The counter closed unchanged at 20.5 Singapore cents on Friday.