Q1 profit up by 33.3% at Stamford Land after jump in revenue from Sydney apartment sales

SINGAPORE - Stamford Land Corporation posted a 33.3 per cent rise in profit for the first quarter, thanks to higher turnover in its property development segment.

Net profit rose to $11.1 million for the three months ended June 30, it reported on Friday, up from $8.3 million for the same period last year, while revenue grew from $45.7 million to $69.9 million - an increase of 53.1 per cent.

Earnings per share stood at 1.28 cents, from 0.96 cents the year before while net asset value ticked upwards to 58 cents, up by a cent from the end of March. No interim dividend was announced.

Stamford deals mainly in luxury residential and commercial properties in Australia and New Zealand.

The group said that the growth in earnings for its property development business - which saw revenue surge to $23 million, from $207,000 the year before - came from the sale of apartments in Macquarie Park Village in Sydney.

The completion of 38 flats takes the total number settled in the development to 212, out of 712 units in all.

"The remaining apartments will be completed in the 2018 (financial year) and beyond," the group said.

Revenue also grew in Stamford's hotel owning and management segment, owing to a stronger Australian dollar.

The property investment area saw a decline in turnover because of rent adjustments, but the group said that the segment is expected "to deliver stable results underpinned by fixed lease income".