TEE Land profits surge by 50% in 2Q15

Thanks to its Aura 83 development.

Regional real estate developer TEE Land Limited delivered a 49.7% increase in net profit to S$2.5 million for the quarter ended 30 November 2014 on the back of 519.5% surge in revenue to S$15.1 million for the quarter.

According to a media release, for the first half ended 30 November 2014, the Group registered 34.6% increase in revenue to S$21.6 million and 131.8% growth in net profit to S$5.1 million.

The higher net profit in 1HFY2015 was due to higher progressive revenue recognised for its Aura 83 development as well as higher contributions from its associates.

Meanwhile, progress in the construction of development projects resulted in higher contribution from its Singapore associates. Share of results of associates increased by 7.0% to S$1.8 million in 2QFY2015 and improved by 44.6% to S$4.2 million in 1HFY2015 as compared to the previous corresponding periods.