Singapore-listed TEE Land Ltd’s profit after tax surged to $2.7 million in the first quarter ended 31 August 2014 (Q1 FY2015) from $0.6 million a year ago, thanks to the good performance of its associate companies.
However, revenue slumped to $6.4 million compared to $13.6 million previously as 91 Marshall was completed in Q4 FY2014.
Nevertheless, gross margins climbed to 28 percent on annual basis from just 12 percent in Q1 FY2014 because of the rental income from Workotel, as well as higher revenue recognised from Aura 83 and The Peak @ Cairnhill I. Additionally, contributions from the group’s associates soared to $2.4 million in Q1 FY2015 versus $1.3 million previously.
The company’s notable business activities during the said quarter include the signing of a conditional agreement for the purchase of a 792-unit condo project in Thailand’s Nonthaburi Province in Ngam Wongwan District.
Comprising four low-rise condominium blocks with a tentative price of up to THB780 million, the contract was inked in August by its Thai associate Chewathai Ltd. The deal is expected to be completed this month, while the development is scheduled to be ready by March 2015.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
