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Stamford Land Q2 net profits rises 16.3% while revenue drops 47.6%

LUXURY hotel operator Stamford Land’s net profit for the quarter ending Sept 30, 2018 rose 16.3 per cent to S$11.56 million from S$9.93 million a year ago.

Revenue dropped by 47.6 per cent to S$70.9 million.

Earnings per share for the latest quarter was 1.34 Singapore cents, up from 1.15 Singapore cents in the same period last year.

Net asset value was S$0.61, edging up from S$0.60 six months ago.

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Net profit for the six months ended Sept 30, 2018 came in at S$28.58 million, rising 36 per cent from the corresponding period a year ago.

In the same six-month period, revenue dipped from S$205.18 million a year ago to S$195.39.

Stamford Land said that its cash outflow from investing activities was mainly due to ongoing refurbishment projects. While cash outflow from financing activities was mainly due to repayment of borrowings, payment of dividends and purchase of treasury shares.

The company’s shares ended Thursday’s trading session at $0.495, up S$0.005 or one per cent. The results were announced after the close of trading.