Tee Land Q3 profit drops 66%

Property developer Tee Land's earnings fell 66 per cent in the third quarter as its revenue almost halved.

The group recorded net profit of S$1.19 million for the three months ended Feb 28, down from S$3.45 million a year ago.

Revenue tumbled 46.6 per cent to S$8.36 million, as Tee Land recognised revenue from only one development project, compared to three in the corresponding period a year ago.

The company expects property markets in Singapore and Malaysia to remain challenging, without any lifting of cooling measures in the next 12 months.

But it is more optimistic on the outlook for the Thai property market.

"With more clarity in the policy and direction of Thailand's economy, business sentiments and consumer confidence have improved. Moreover, the Thai government's stimulus package, spending and investment in infrastructure projects are expected to start having their impact on the country's macro economy," it said in its results statement. "This is expected to boost demand in the various property sectors."

Shares for Tee Land closed unchanged at S$0.265 on Thursday, before the results announcement.