Stamford Land Corporation has issued a profit warning for its 1HFY2023 ending September, with the company management saying that it is expecting to record a net loss for the half.
The net loss is mainly attributed to foreign exchange losses and fair value loss on its investment property in London, United Kingdom.
Separately, the company expects to complete two proposed disposals in December, namely, the Sir Stamford property at Circular Quay in Sydney, Australia and another proposed disposal of the Stamford Plaza Auckland in Auckland, New Zealand
Following the completion of the above disposals, Stamford Land expects to record a gain on the disposal in its 2HFY2023 ending March 31, 2023.
Shares of Stamford Land closed flat on Oct at 36 cents.
