Stamford Land Q3 net profit up 2.6% to S$11.4m

AUSTRALIA hotel owner and developer Stamford Land said net profit for its third quarter ended Dec 31, 2016 was S$11.4 million, 2.6 per cent higher than S$11.1 million a year ago.

Revenue was S$55.4 million, 5.4 per cent higher than S$52.5 million a year ago.

Stamford Land said its hotel segment, its largest revenue contributor, has performed consistently and is expected to remain stable.

Contributions from property development will be substantial in the next quarter or later on the completion of the first three towers of the Macquarie Park Village residential development, it said.

The counter closed down a cent at S$0.515 before results were out.