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Higher cost of sales, provision of impairment hit Tee Land's Q4 earnings

HIGHER cost of sales and losses from its share of results of associates dampened results for Tee Land in its fourth quarter.

It fell into the red, posting a net loss of S$2.4 million, compared to a net profit of S$4.7 million in the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

"Share of results of associates for FY2017 Q4 decreased by S$8.9 million due mainly to provision of impairment and expected loss in some of the development projects in Singapore, and the completion of a number of development projects and full recognition of revenue in FY2016," it said.

For the three months ended May 31, revenue leapt 90.7 per cent to S$33.1 million from the previous year. The growth in revenue was due mainly to higher progressive revenue recognised for development projects, particularly Third Avenue in Malaysia, Hilbre 28 and a new development project, 183 Longhaus in Singapore, it said.

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It recorded a loss per share of 0.54 Singapore cent, compared to earnings per share of 1.06 Singapore cent in the preceding year. Net asset value per share slipped to 35.1 Singapore cents as at May 31, from 35.6 Singapore cents a year ago.

Tee Land shares ended S$0.006 or 3.1 per cent down at S$0.189 on Wednesday.