[SINGAPORE] Property company Stamford Land reported a 14.2 per cent fall in net profit to S$17.6 million for its second half ended March, from S$20.6 million in the year-ago period.
Earnings per share (EPS) stood at S$0.0119, down from S$0.0138.
This came amid a 6.5 per cent decline in revenue, which came in at S$78.3 million as compared to S$83.8 million previously.
The lower revenue and operating profit was mainly due to lower room rates in the group’s hotels caused by a softer market, as well as due to the depreciation of the Australian dollar against the Singapore dollar, the group said on Friday (May 30).
A final dividend per share of S$0.005 was proposed, unchanged from the year-ago period, with the date payable and book closure date to be announced at a later date.
For the full year, its net profit stood at S$32.8 million, an increase from S$5.9 million it recorded in the year-ago period. EPS was S$0.0221 versus S$0.004 in the year prior.
Revenue for the year was largely stable, falling by 5.5 per cent to S$148.4 million, from S$157 million previously.
The counter ended Friday flat at S$0.375 before the announcement.
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