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Stamford Land Corp reports 47.7% drop in Q1 net profit

Published on Jul 29, 2014 9:20 PM

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."

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