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Stamford Land reports sharp rise in Q1 profit

STAMFORD Land Corporation's net profit for the first quarter ended June 30, 2015, surged to S$12.69 million, up from S$3.32 million a year ago.

Revenue rose 15.5 per cent to S$64.72 million due to its property development segment. Earnings per share came to 1.47 cents, up from 0.38 cent a year ago.

With the closure of Stamford Grand North Ryde and a declining Australian dollar, the performance of the hotel segment remains challenging in the near term, Stamford Land said, but added it expects stable performances from its remaining seven hotels. The opening of La Boca in Stamford Plaza Sydney Airport in Q2/Q3 FY2016 will also augment revenue, it said.