TEE Land achieves 364.4% net profit growth

Thanks to strong performance from associates.

TEE Land chooses to be positive about its business prospects despite varying risks in the countries where it is operating.

In a media release, TEE Land Limited announced that it had achieved a 364.4% y-o-y growth in net profit after tax to S$2.7 million for the first quarter ended 31 August 2014 (“1QFY2015”), on the back of strong performance from its associates.

Commenting on the business outlook, Mr Jonathan Phua, Executive Director and CEO of TEE Land said: “Singapore’s property market continues to be weighed down by the effects of the cooling measures implemented.Similarly for Malaysia, anti-speculation measures are expected to dampen the property market. In Thailand, we are seeing signs of demand being gradually restored, as more property launches are lined up and take-up rates are expected to improve.”

Mr Jonathan Phua added: “The Group remains positive on our long-term prospects in the countries we operate in. We will continue to monitor the markets closely and exercise caution when capitalising on the opportunities as and when they arise.”