Stamford Land H2 profit falls 14.2% to S$17.6 million amid softer market, Australian dollar depreciation
[SINGAPORE] Property company Stamford Land reported a 14.2 per cent fall in net profit to S$17.6 million for its second half ended March, from S$20.6 million in the year-ago period.
Earnings per share (EPS) stood at S$0.0119, down from S$0.0138.
This came amid a 6.5 per cent decline in revenue, which came in at S$78.3 million as compared to S$83.8 million previously.
The lower revenue and operating profit was mainly due to lower room rates in the group's hotels caused by a softer market, as well as due to the depreciation of the Australian dollar against the Singapore dollar, the group said on Friday (May 30).
A final dividend per share of S$0.005 was proposed, unchanged from the S$0.005 dividend per share for the year-ago period, with the date payable and book closure date to be announced at a later date.
For the full year, its net profit stood at S$32.8 million, an increase from S$5.9 million it recorded in the year-ago period. EPS was S$0.0221 versus S$0.004 in the year prior.
Revenue for the year was largely stable, falling by 5.5 per cent to S$148.4 million, from S$157 million previously.
The counter ended Friday flat at S$0.375 before the announcement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
a day ago
- Straits Times
Australia PM rules out relaxing biosecurity rules ahead of Trump meeting
Australia's Prime Minister Anthony Albanese speaks during a press conference with Indonesian President Prabowo Subianto (not pictured) at the Merdeka Palace in Jakarta, Indonesia May 15, 2025. REUTERS/Ajeng Dinar Ulfiana/File Photo SYDNEY - Australia will not relax its strict biosecurity rules during tariff negotiations with the United States, Prime Minister Anthony Albanese said on Friday ahead of a potential meeting with U.S. President Donald Trump at the G7 summit this month. Australia has restricted the entry of U.S. beef since 2003 due to the detection of bovine spongiform encephalopathy, known as mad cow disease, but it exports beef worth A$4 billion ($2.6 billion) annually to the United States, its largest market. "We will not change or compromise any of the issues regarding biosecurity - full stop, exclamation mark. It's simply not worth it," Albanese told ABC Radio. Trump in April singled out Australian beef, while announcing a 10% baseline tariff on all imports. Years of dry weather have shrunk U.S. cattle numbers to their lowest since the 1950s, but Australia, with a herd swelled by wet weather, is flush with supply, offering lower prices and lean cuts that the U.S. lacks. A report in the Sydney Morning Herald newspaper on Friday, citing unidentified government officials, said Australian authorities were reviewing whether to allow entry of beef products from cattle raised in Mexico and Canada but slaughtered in the U.S., as the Trump administration has demanded. But Albanese said no such concessions were being considered as those imports still posed risks to the Australian cattle industry. Australia is one of the few countries the U.S. normally runs a trade surplus with, a point often made by Australian officials and lawmakers arguing against Trump's tariffs. The country recorded a rare trade surplus with the U.S. in January after gold exports surged due to global economic uncertainties. Albanese said he was looking forward to a "face-to-face" meeting with Trump but did not specify when that would happen. "We've had three conversations that have been constructive, they've been polite and they've been respectful. That's the way I deal with people," Albanese said. "There are obviously issues, not between Australia and the United States. It's not like Australia has been singled out for any particularly egregious treatment. It's across the board." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 days ago
- Straits Times
Jackman, Reynolds go full sail: Hollywood A-listers take helm of Flying Roos
FILE PHOTO: Hugh Jackman and Ryan Reynolds attend the premiere of 'Deadpool and Wolverine' in New York City, New York, U.S., July 22, 2024. REUTERS/Caitlin Ochs/File Photo Australia's ocean dominance got a Hollywood upgrade on Thursday as Hugh Jackman and Ryan Reynolds became co-owners of the country's three-times champion SailGP team, now rebranded as the BONDS Flying Roos. The investment adds star power to the Australian outfit that has dominated the global sailing championship, winning a trio of titles in four seasons of the high-speed racing series. "We're incredibly excited to set sail together in this new adventure," Jackman and Reynolds said in a characteristically wry statement. "Hugh brings a deep love for and pride in his home country as well as being an avid fan of sailing." The move comes just days after Oscar winner Anne Hathaway sailed into sports ownership, joining a female-led consortium that acquired the Red Bull Italy SailGP Team in what circuit CEO Russell Coutts called "another significant milestone in SailGP's growth as a league". Founded in 2019, SailGP pits national crews in identical 50-foot foiling catamarans reaching speeds over 100 km/h within metres of shorelines in iconic harbours worldwide. "This is an incredible milestone for us and for our sport," said Tom Slingsby, who serves as driver, CEO and co-owner of the Flying Roos. "With BONDS joining as our title partner, we're building something distinctly Australian - a team driven by spirit, resilience, and national pride." Founded in 1915, BONDS is one of Australia's most iconic apparel brands, best known for its underwear and loungewear that have been a staple in Australian wardrobes for more than a century. SailGP director Andy Thompson added: "Today marks a landmark moment not just for the Australia team, but for the trajectory of SailGP globally," highlighting the "extraordinary combination of global reach, vision, commercial nous" the Hollywood duo brings. The newly minted Flying Roos will debut under their star-studded ownership at the Mubadala New York Sail Grand Prix on June 7-8, where they aim to defend their position atop the championship leaderboard. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 days ago
- Straits Times
TotalEnergies on trial in landmark greenwashing case in France
Starting in May 2021, TotalEnergies advertised its goal of 'carbon neutrality by 2050' and touted gas as 'the fossil fuel with the lowest greenhouse gas emissions'. PHOTO: AFP TotalEnergies on trial in landmark greenwashing case in France PARIS - French oil and gas giant TotalEnergies goes on trial in Paris on June 5 over allegations of misleading climate claims, an unprecedented 'greenwashing' case against a fossil fuel firm in France. The civil case stems from a March 2022 lawsuit by three environmental groups accusing the French energy giant of 'misleading commercial practices' for saying it could reach carbon neutrality while continuing oil and gas production. Starting in May 2021, TotalEnergies advertised its goal of 'carbon neutrality by 2050' and touted gas as 'the fossil fuel with the lowest greenhouse gas emissions'. At the time, the company had also changed its name from Total to TotalEnergies to emphasise its investments in low-carbon energy, such as electricity. The plaintiffs have logged around 40 'false advertisements' in their lawsuit. The ads 'don't sincerely reflect the reality of TotalEnergies' operations', Apolline Cagnat, a legal counsel at Greenpeace, told AFP. Cagnat said the NGOs want the court to send a 'strong signal' to fossil fuel companies by ordering 'an immediate stop, under penalty, of the misleading commercial practices'. TotalEnergies disputes the charges, insisting the messages are part of its institutional communication, regulated by financial authorities – not consumer law. It argues no consumer organisation is party to the case, and that the NGOs are misusing consumer protection rules to challenge its corporate strategy. Environmental groups in recent years have turned to the courts to establish case law on companies misleading consumers by appearing more eco-friendly than they are. In Europe, courts ruled against Dutch airline KLM in 2024 and Germany's Lufthansa in March over misleading consumers about their efforts to reduce the environmental impact of flying. In Spain, utility Iberdrola failed to secure a conviction against Spanish oil and gas company Repsol over similar allegations of 'false' environmental claims. A greenwashing case against Australian oil and gas producer Santos, challenging its claim to be a 'clean fuels' company, has been ongoing since 2021. Based on a European Union directive targeting unfair commercial practices, the TotalEnergies lawsuit is the first time a French court has heard such a case against a fossil fuel company. The NGOs said the Paris court will rule, for the first time in the world, on the legality of ads presenting gas as essential to the energy transition. Climate experts say methane leaks from the gas industry have a powerful warming effect on the atmosphere. TotalEnergies maintains it has not engaged in misleading commercial practices. The company says it plans to show that its messages 'about its name change, strategy and role in the energy transition are reliable and based on objective, verifiable data'. AFP Find out more about climate change and how it could affect you on the ST microsite here.
