Business briefing

Stamford Land's profit falls on weaker Aussie dollar

HOTELIER and property developer Stamford Land Corp's net profit fell 14.4 per cent to $27.1 million in FY2014 from $31.7 million a year ago, largely owing to a weaker Australian dollar against the Singapore currency. Revenue rose 4.5 per cent to $278.8 million for the year ended March 31. The hotel segment saw a 6 per cent rise in operating profit due to better cost management. Operating profit was down 4 per cent for the group's property investment, while for property development, it slid 15 per cent. Earnings per share stood at 3.14 cents, down from 3.67 cents a year ago. Stamford Land declared a final dividend of two cents per share and a one-cent special dividend for FY2014, the same as the previous year.

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