Stamford Land's net profit plummets 96.1% YoY to $5.95m in FY24

With net profit contraction, the company proposed a lower EPS of 0.40 cents.

Stamford Land's net profit attributable to its owners dwindled to $5.95m in FY24, sinking by 96.1% YoY.

The company's net profit declined despite a 3.4% YoY higher revenue of $156.99m.

With the contraction in its net profit, the company proposed a 96.1% YoY lower basic earnings per share to 0.40 cents.

In the next 12 months, the company expects its hotel segment to be affected by competition, rising operating and manpower costs, and a tight labour market.

Revenue for its hotel owning and management in FY24 was 1.3% YoY higher at $124.4m, but largely due to the resumption of operations in November 2022 of the Stamford Plaza Brisbane.

Meanwhile, the company said it will also continue to explore acquisition opportunities. 

In FY24, the company acquired assets amounting to $5.997m.