SINGAPORE (July 31): Stamford Land recorded 1Q20 earnings of $4.8 million, 71.6% lower than $17 million in 1Q19.
This came on the back of a 65% drop in revenue to $43.6 million from $124.5 million last year, with all of the group’s segments -- except its others segment -- contributing less this quarter from a year ago.
Revenue from the hotel owning & management segment fell 8.1% to $38.1 million; property development revenue dropped 98.2% to $1.4 million; property investment revenue dropped 5.1% to $3.8 million while revenue from the trading segment fell 44.6% to $0.2 million. Only the others segment saw revenue increase 7% to $0.17 million.
During the quarter, the group saw other gains of $19,000 compared to other losses of $2.6 million a year ago.
Other operating expenses dropped 15.4% to $14 million while finance costs increased 71.6% to $1.8 million.
As at end June, Stamford Land’s cash and cash equivalents stood at $145.8 million.
In its review of the quarter, Stamford Land says 672 units out of a total 712 units in Macquarie Park Village have settled in. Although the market is currently suffering a severe downturn, the group says it will continue to work on the sale or lease of the remaining units.
Meanwhile, barring any unforeseen circumstances, the group expects to be profitable in FY2020, albeit the profitability will be a downward trend.
Shares in Stamford Land closed at 48 cents on Wednesday.
