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Stamford Land posts Q4 net profit of S$25.6m
STAMFORD Land saw its fourth-quarter net profit expand to S$25.63 million from S$8.93 million for the year-ago period on increases in revenue, interest income and dividend income.
Earnings per share for the quarter ended Mar 31, 2018 rose to 2.97 Singapore cents, up from 1.03 Singapore cents for Q4 FY17.
Revenue for the three months increased 14.3 per cent year-on-year to S$189.73 million, mainly on a 21.8 per cent surge in contributions from property development that offset dips seen in hotel owning and management and property investment. Fourth-quarter interest income and dividend income were also 27.6 per cent and 43.1 per cent higher compared to Q4 FY17.
Full-year net profit surged 63.52 per cent to S$56.39 million.
Net asset value was 60 Singapore cents as at Mar 31, 2018, up from 57 Singapore cents a year ago.
The firm has declared a proposed final dividend of one Singapore cent per share.
It said that operating profit for its hotel segment "continues to be stable and is slightly ahead of last year due to stronger demands than available room stocks in certain key markets".
Property investment continues to deliver stable results albeit a step-down of the base rent. A significant fair-value impairment of S$12.04 million was recognised on the Dynons Plaza development in FY18 due to the shorter remaining lease.
Stamford Land closed at 49.5 Singapore cents on Friday.