SINGAPORE (May 22): Stamford Land Corporation reported an 80.4% y-o-y decline in 4Q19 earnings to $5 million compared to $25.6 million previously due to lower revenue.

The latest quarterly result brings Stamford’s FY19 earnings to $47.8 million, down 15.4% from $56.4 million a year ago.

Revenue for the latest quarter fell 74.8% to $47.9 million from $189.7 million 4Q18 on the back of lower contributions across all segments.

The overall decline in 4Q topline was mainly due to a steep drop in revenue and operating profit for the Property Development segment in the absence of settled units in Macquarie Park Village booked a year ago.

Property investment, too, saw lower revenue for the quarter due to the step-down of base rental as provided for in a tenancy agreement.

Meanwhile, contributions from the hotel owning & management segment fell 6.4% in terms of revenue due to a weaker AUD against the SGD.  

Cash and cash equivalents as at end-March stood at $10.9 million, down from $154.5 million as at end-FY18 due to cash outflows from investing activities and financing activities.

A final dividend of 1 cent per share has been proposed.

Stamford Land says 42 units of its remaining stock in Macquarie Park Village remain unsold amid a “severe downturn”, while the depreciating AUD has caused the group’s net asset value (NAV) per share to fall by 3 cents.

Nonetheless, the group expects to remain profitable for FY2020 despite expectations of a downward trend in profitability.