Stamford Land's Fiscal H2 Attributable Profit Tanks on Hotel Management Profit Weakness

MT Newswires05-27

Stamford Land (SGX:H07) posted an almost 89% drop in profit attributable to owners in the fiscal second half due to 33% lower operating profit from the hotel ownership and management segment, according to a Friday filing with the Singapore Exchange.

The real estate company's attributable profit plummeted to SG$20.6 million, or SG$0.0138 per share, from SG$184.5 million, or SG$0.1235 per share, a year earlier.

Revenue for the six months ended March 31 grew 2.8% year over year to SG$83.8 million from SG$81.5 million, the filing said.

The board declared a final dividend of SG$0.005 per share for the reported period, unchanged from the previous year. The record and payment dates will be announced at a later date, the filing said.

The company's shares gained over 1% in recent Monday trading.

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