SINGAPORE (Feb 12): Stamford Land Corporation has reported 3Q18 earnings of $9.7 million, down 14.4% compared to $11.4 million a year ago due to higher expenses and a foreign exchange (forex) loss registered over the quarter.
Revenue for 3Q grew 5.4% to $58.4 million from $55.4 million a year ago, due to growth registered in the hotel owning & management as well as property development segments on the back of a stronger Australian dollar and an increased number of units settled, respectively.
Other losses of nearly $1 million, however, was booked over the quarter compared to an other net gain of $0.4 million in 3Q17 due to a foreign exchange loss of $1.1 million attributable to unrealised exchange differences on the translation of New Zealand dollar deposits.
Notably, the group registered a $3.7 million expense under properties sold compared to none a year ago, while staff costs grew 3.9% to $18.2 million from $17.5 million in 2Q17.
In its outlook, Stamford Land says it expects to be profitable in FY18 on expectations of more units to be settled, given how the property development segment has settled 343 out of 712 units as at end-2017 – with the remaining units to be completed in FY18 and beyond.
Shares in Stamford Land closed flat at 50 cents on Monday.
