Stamford Land H2 net profit rises to S$184.5 million, boosted by disposal gain

Raphael Lim

Published Fri, May 26, 2023 · 09:29 PM

STAMFORD Land reported on Friday (May 26) a net profit of S$184.5 million for its second half, significantly higher than the S$15.6 million in the year-ago period on the back of strong gains.

The group reported a S$218.6 million gain on disposal of property, plant and equipment, compared to a S$29,000 loss in the prior-year period. This came as the group divested several assets during the financial year, including Stamford Plaza Auckland, as well as Sir Stamford at Circular Quay in Sydney.

Stamford Land also had other gains of S$36.1 million in H2 FY23, compared to other losses of S$2.7 million in the year-ago period.

Revenue for the second half rose 4.9 per cent to S$81.5 million. For the full year, the group reported revenue of S$151.8 million, down 5.5 per cent from S$160.7 million in FY22.

Net profit for the full year rose to S$152.4 million from S$31.9 million a year earlier. On a per-share basis, earnings improved to S$0.1023 from S$0.0356.

The group has proposed a final dividend of S$0.005 per share and a special dividend of S$0.01 per share. The overall dividend is higher than the S$0.005 final dividend paid in the year-ago period.