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News - Detailed News Story

Cooling measures fuel earnings angst for Tee Land

01 Aug 2019 09:00

Part of the hit to Tee Land's bottom line came from the sale of 13 units at the upmarket The Peak@Cairnhill for S$23.2 million - which incurred a gross loss of S$1.3 million. BT FILE PHOTO

By Annabeth Leow

MAINBOARD-LISTED developer Tee Land - which sank deeper into the red in its latest fiscal year - sold apartments at upmarket The Peak@Cairnhill at a loss, as a tough market has made shifting units tougher.

Net loss widened to S$23.8 million for the 12 months to May 31, almost thrice the previous year's S$8.69 million loss, in results out on Tuesday. The group's revenue fell by 7.9 per cent year on year, to S$100.5 million.

Part of the hit to the bottom line came from the sale of 13 units at The Peak for S$23.2 million - which incurred a gross loss of S$1.3 million.

Tee Land has also had to take a write-down - albeit lower now - on the carrying value of unsold units at The Peak.

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Attachments: Source: Business Times

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