Corporate digest

Stamford Land

STAMFORD Land Corporation's net profit for the first quarter ended June 30 surged to S$12.69 million, up from S$3.32 million a year ago. Revenue rose 15.5 per cent to S$64.72 million due to its property development segment. Earnings per share came to 1.47 cents, up from 0.38 cents a year ago.

With the closure of Stamford Grand North Ryde and a declining Australian dollar, the performance of the hotel segment remains challenging in the near term, Stamford Land said, but added it expects stable performances from its remaining seven hotels.