Stamford Land reports fiscal 2Q net profit declined 16 percent

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Stamford Land reported Thursday its fiscal second quarter net profit fell 15.9 percent on-year to S$9.72 million, hurt by the impact of a decline in the Australian dollar and lower property development sales.

Revenue for the quarter ended 30 September dropped 27.6 percent on-year to S$51.34 million, the property developer and hotel operator said in a filing to SGX.

Other gains fell 16.7 percent on-year in the quarter to S$1.74 million on a lower foreign exchange gain, a lower fair value gain on investment securities and a loss on the disposal of investment securities, Stamford Land said.

Hotel owning and investment operating profit fell 15.7 percent on-year to S$7.55 million on revenue of S$39.22 million, down 7.8 percent on-year, hurt by a weaker Australian dollar, the company said.

Property development revenue fell 77.7 percent on-year to S$5.35 million and the segment’s operating profit declined 78.9  percent on-year to S$984,000 on a lower number of units settled in the Macquarie Park Village project, Stamford Land said.

Property investment operating profit climbed 78.3 percent on-year in the quarter to S$5.76 million on revenue of S$6.48 million, up 63.6 percent, on rental income from the newly acquired investment property at 8 Finsbury Circus in London, Stamford Land said.

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