SINGAPORE - Stamford Land Corp has posted a 47.7 per cent drop in first-quarter net profit to $3.3 million, as the property and hotel group sold fewer apartments than in the same period last year.
Revenue fell 13 per cent to $56 million for the three months to June 30, compared with a year ago.
"Despite positive signs of recovery in Adelaide, revenue for the hotel segment was lower due mainly weaker performances in Sydney and Brisbane," said Stamford Land in a statement.
"This was further impacted by the decline in the Australian dollar of more than 4 per cent."
The weaker Australian dollar and lower contributions from Stamford Plaza Brisbane and Stamford Grand North Ryde, also lead to the hotel segment recording a lower operating profit.
Stamford Grand North Ryde will be closing and the company does not expect the next quarter to improve due to its closure, and future expenditure incurred, as it prepares to market the 250-unit residential project Dulwich Hill and Stamford on Macquarie.
Stamford Land added: "Dynons Plaza Perth will continue to perform well, underpinned by fixed lease income of over A$11 million per annum until 2020."
Earnings per share fell 0.38 cent to 0.73 cent, while net asset value per share inched up 58 cents, compared with 57 cents as at March 31.