SINGAPORE (May 25): Stamford Land Corporation posted earnings of $8.9 million for the fourth quarter ended March, reversing out of a loss of $5.0 million recorded in the corresponding quarter last year.
Group revenue more than doubled to $166.0 million in 4Q17, from $60.5 million a year ago.
This was largely attributable to a $101.4 million increase in revenue in its property development segment, from sale of apartments in Macquarie Park Village upon completion and settlement of 174 apartments during the quarter.
The remaining 536 apartments are expected to be completed in FY2018 and beyond.
Revenue from its hotel owning and management segment grew 7.3% to $46.9 million in 4Q, mainly due to a stronger Australian dollar.
Cash and cash equivalents stood at $114.5 million as at March 31, 2017.
Stamford Land has proposed a final dividend of 1.0 cent per share, double of the final dividend of 0.5 cent per share paid last year.
Looking ahead, Stamford Land says it expects to remain profitable in FY2018 barring unforeseen circumstances.
The group says its hotel segment is expected to remain stable, while its property investment segment continues to generate stable operating cash flows.
Shares of Stamford Land closed half a cent lower at 58 cents on Thursday.
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