Regional real estate developer Tee Land Limited saw its net profit for the second quarter ended 30 November 2014 increase 49.7 percent to $2.5 million, on the back of revenue soaring 519.5 percent to $15.1 million.
For the first half ended 30 November 2014, net profit jumped 131.8 percent to $5.1 million while revenue increased 34.6 percent to $21.6 million.
The group attributed the increase in net profit to higher progressive revenue recognised for its Aura 83 development (pictured) and increased contributions from its associates.
Notably, progress in the construction of development projects resulted in higher contribution from its Singapore associates, with share of results increasing seven percent to $1.8 million in Q2 2015.
Jonathan Phua, CEO and Executive Director of TEE Land said, “While we remain cautious on Singapore and Malaysia, given the continued enforcement of cooling measures on the property markets, we continue to be confident on the long term prospects of our other markets, such as Thailand, New Zealand and Australia. As such, we have been steadily acquiring new land and assets to further strengthen our portfolio in these markets.”
Image source: TEE Group
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
