Cooling measures fuel earnings angst for Tee Land

Singapore

MAINBOARD-LISTED developer Tee Land - which sank deeper into the red in its latest fiscal year - sold apartments at upmarket The Peak@Cairnhill at a loss, as a tough market has made shifting units tougher.

Net loss widened to S$23.8 million for the 12 months to May 31, almost thrice the previous year's S$8.69 million loss, in results out on Tuesday. The group's revenue fell by 7.9 per cent year on year, to S$100.5 million.

Part of the hit to the bottom line came from the sale of 13 units at The Peak …