Published:
Tee Land’s net profit plunged 65.6% to $1.2m in Q3
Due to escalating administrative expenses.
Tee Land reported that its net profit fell 66% year-on-year to $1.2m in the third quarter, while its revenue declined 46.6% to $8.4m.
The profit decline was brought about by a 122.2% surge in administrative expenses, which rose to $2.6 m in the quarter due mainly to higher marketing expenses and depreciation arising primarily from its Malaysian property development project.
Meanwhile, the revenue decline was mainly due to progressive revenue recognised for only one development project in the current reporting period as compared to three development projects previously.
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