Stamford Land H2 profit falls 14.2% to S$17.6 million amid softer market, Australian dollar depreciation

[SINGAPORE] Property company Stamford Land reported a 14.2 per cent fall in net profit to S$17.6 million for its second half ended March, from S$20.6 million in the year-ago period.

Earnings per share (EPS) stood at S$0.0119, down from S$0.0138.

This came amid a 6.5 per cent decline in revenue, which came in at S$78.3 million as compared to S$83.8 million previously.

The lower revenue and operating profit was mainly due to lower room rates in the group’s hotels caused by a softer market, as well as due to the depreciation of the Australian dollar against the Singapore dollar, the group said on Friday (May 30).

A final dividend per share of S$0.005 was proposed, unchanged from the year-ago period, with the date payable and book closure date to be announced at a later date.

For the full year, its net profit stood at S$32.8 million, an increase from S$5.9 million it recorded in the year-ago period. EPS was S$0.0221 versus S$0.004 in the year prior.

Revenue for the year was largely stable, falling by 5.5 per cent to S$148.4 million, from S$157 million previously.

The counter ended Friday flat at S$0.375 before the announcement.