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Stamford Land reports lower profit for Q3
STAMFORD Land Corp reported a 13.1 per cent drop year on year in net profit to S$11.1 million for Q3FY16.
Revenue declined 22.5 per cent to S$52.52 million on the back of lower revenue contributions across all its businesses.
The decline in the Australian dollar and New Zealand dollar also hit profits.
Earnings per share came to 1.28 Singapore cents, down from 1.48 cents.
"For the next quarter, hotel operations and development segments are expected to perform in line with (the) comparable period last year," said Stamford Land.
The group has planned capital expenditure in the form of room refurbishment for Stamford Grand Adelaide and works at Stamford Plaza Melbourne, which includes the addition of 26 suites. About S$12 million will be spent to enhance future revenue, it said.
As at Dec 31, 2015, property investment income increased five per cent due to annual rent revision but was not able to offset an 11 per cent decline in the Australian dollar. "Last year, a S$7.8 million fair value write-down was provided. We expect further fair value write-down in the next quarter," Stamford Land said.