Stamford Land net profits up 87.5% to $5.39m in 4Q15

Driven by higher contribution from property development arm.

Stamford Land delivered good results this quarter despite falling revenue from its hotel and hotel management segment.

According to a report by RHB Group, Stamford Land Corp reported a 87.5% surge in 4QFY15 net profit to SGD5.39m, driven by higher contribution from its property development arm.

Revenue rose 80% to SGD112m on the back of a site disposal that boosted the property development division. Its hotel and hotel management segment saw revenue falling 9.3% to SGD46.8m due to the closure of Stamford Grand North Ryde, which made way for the development of Macquarie Park Village, and a 7.5% decline in the AUD qoq.

For the full year, net profit rose 9.7 per cent to SGD30m. Stamford Land has proposed a final dividend of two Singapore cents per share and a special dividend of one Singapore cent per share.