Stamford Land's Q4 profit rises 87.5%; revenue up 80%

Singapore

STAMFORD Land Corp on Monday reported an 87.5 per cent surge in net profit for the fourth quarter ended March 31, 2015, to S$5.39 million as revenue was boosted by its property development segment.

Revenue was 80 per cent higher at S$111.99 million, thanks to its property development segment which was the biggest contributor to the topline. Revenue from the property development segment clocked S$61.69 million, up significantly from just S$6.91 million a year ago, due to the disposal of a site.

On the other hand, revenue for its owned hotels and hotel management segment fell 9.3 per cent to S$46.79 million due to the closure of Stamford Grand North Ryde, which made way for the development of Macquarie Park Village, and a 7.5 per cent decline in the Australian dollar quarter on quarter.

Meanwhile, earnings per share for the quarter under review came to 0.62 Singapore cent, up from 0.33 cent previously.

For the full year, net profit rose 9.7 per cent to S$29.75 million while revenue was 10.2 per cent higher, clocking S$307.02 million.

The company has proposed a final dividend of two Singapore cents per share and a special dividend of one Singapore cent per share.

"Barring any unforeseen circumstances, the outlook for the group remains positive for the coming year," it said.

Stamford Land's counter closed half a cent down at 59 Singapore cents on Monday.