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$2.03 million for the year-ago period, according to results released on Thursday.
Contributing to the loss 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 of TEE Building.
Revenue shrank 24.8 per cent to S$16.3 million in the second quarter from S$21.7 million in the year-ago period, due mainly to lower revenue from development projects 24One Residences and 183 Longhaus, and lower sales of unsold units in Third Avenue, offset to some extent by the progressive recognition of revenue from Rezi 35 and 35 Gilstead.
Loss per share for the second quarter was 1.56 Singapore cents, compared with 0.46 cent in the year-ago period.With the latest quarter's results, TEE Land's net loss attributable to owners for the first half of the year was S$8.66 million, widening from S$5.11 million in the year-ago period. Revenue for the half year was down 33.8 per cent at S$37 million, compared with a restated S$55.9 million in the year-ago period.
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