TEE Land Q2 loss widens to S$6.97m despite gross profit rise

Singapore

DESPITE a rise in gross profit, mainboard-listed developer TEE Land saw its net loss attributable to owners widen to S$6.97 million for the second quarter ended Nov 30, from a restated loss of S$2.04 million for the year-ago period, according to results released on Thursday.

Contributing to this was a surge in other operating expenses to S$5.4 million from S$0.4 million in the year-ago period. This was due mainly to the additional buyer's stamp duty payable for a development project, as the project did not meet the required timeline for completion, as well as the fair-value loss …