Stamford Land expects to record H1 net loss on FX, fair value loss

STAMFORD Land Corporation expects to record a net loss for the six months ended Sep 30, 2022.

In a bourse filing on Thursday (Oct 13), the mainboard-listed company says the net loss is mainly attributed to foreign exchange losses and fair value loss on its investment property in London.

The profit guidance is based on a preliminary assessment of unaudited consolidated management accounts of the group for the first half of its FY2023, which has not been reviewed by the audit and risk management committee of the company.

Still, Stamford Land said that the group expects to record a gain on the previously-announced disposal of two properties in Sydney and Auckland in its unaudited consolidated management accounts in the six months ended Mar 31, 2023.

Shares of Stamford Land closed flat at S$0.37 on Thursday, before the announcement was made.