TEE Land posts Q2 profit of $1.7m

IN spite of a drop in revenue, mainboard-listed property developer TEE Land has swung back into the black to a net profit of $1.7 million in its second quarter (Q2) ended Nov 30, 2013. From a loss of $78,000 the previous year, its Q2 profits were driven mainly by a halving of its sales costs.

Revenue for its second quarter saw a 23.3 per cent drop to $2.4 million, from $3.2 million last year. TEE Land's development at The Peak @ Cairnhill 1, along with rental income from its "Workotel" development in New Zealand, contributed to its Q2 revenue.

A year ago, the company recognised revenue from developments at The Peak @ Cairnhill 1 and 448@East Coast, which obtained its Temporary Occupation Permit (TOP) in May last year.