Stamford Land H2 net profit jumps 130% on fair-value gains
Wong Pei Ting
STAMFORD Land’s net profit shot up 130.7 per cent for the fiscal second half from a year ago on the back of fair-value gains on its investment properties.
Net profit for the 6 months ended Mar 31, 2022 stood at S$15.6 million, compared with a net profit of S$6.8 million over the same period a year ago.
This was largely due to fair-value gains on investment properties of some S$12.5 million, unaudited financials released by the luxury hotel owner-operator on Friday (May 27) showed.
The results translate to earnings per share of 3.83 Singapore cents, against earnings per share of 1.66 cents in the year-ago period.
Revenue was up 5.4 per cent to S$77.7 million, as the company made 7.5 per cent more from rendering services from hotel operations. Stamford Land stated that its businesses were not significantly affected by seasonal or cyclical factors.
The board has proposed a final dividend of 0.5 Singapore cent per share.
The counter closed at S$0.395 on Friday, up 1.3 per cent or S$0.005, before the results were released.
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