Stamford Land Corp's full year net profit falls 41% to $31.7 million

STAMFORD Land Corp said its net profit for the year ended March 31 fell by 40.6 per cent to $31.7 million.

This was in line with lower revenue, which slumped 45.1 per cent to $266.7 million.

The hotel segment reported lower revenue mainly due to lower exchange rates used for translation and weak performance from its two Adelaide hotels.

The property development segment also posted lower revenue, owing to completed sales of 16 apartments in the financial year ended March 31 compared to completed sales of 131 units in the same period last year.

The trading segment saw lower revenue due to decreased contribution from the group's interior decoration companies.

Earnings per share slipped to 3.67 cents from 6.18 cents while net asset value per share fell by one cent to 60 cents.

Looking ahead, Stamford Land said the hotel sector will continue to remain strong.

The company has recommended a final payout of three cents a share, down from four cents last year.

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