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STAMFORD Land Corporation on Thursday posted a net profit of S$8.93 million for the fourth quarter ended March 31, from a net loss of S$5 million a year ago, amid an income surge from property development.
Revenue for the quarter more than doubled to S$166 million from S$60.48 million. The property development segment booked in profits from the settlement of 174 out of 710 apartments in Macquarie Park Village in the fourth quarter, resulting in an improvement in contributions. The remaining apartments will be completed in FY2018 and beyond.
Net profit for the full year jumped 54 per cent to S$34.55 million on the back of a 38.9 per cent increase in revenue to S$314.65 million.
Stamford Land said it expects to remain profitable for fiscal 2018. The group proposed a final dividend of one Singapore cent per share, compared to 0.5 Singapore cent per share.