Stamford Land Corporation Friday said that net profit for the six months ended September 30, 2009, rose 27 per cent to S$10.3 million, from S$8.2 million for the same period in 2008.
Revenue, on the other hand, fell 10 per cent to S$113.8 million from S$126 million a year ago.
The company gets its income from owning and managing hotels. But The hotel owning and management segment recorded a decline of S$3.3 million in profit.
But despite lower revenue, the group was able to post better profits as it saw foreign exchange gains, gains from disposal of current investments and gains on fair value of current investments.
Earnings per share rose to 1.19 cents from 0.94 cent.
‘Given the slow economic recovery,we are not expecting any growth in the hotel segment,’ the company said. ‘The hotels are actively pursuing the corporate segment by focusing on a broader range of SME clients.We have implemented tighter cost controls, and will continue to focus on cost controls and marketing/sales activities to improve the performance of the hotels.’
The construction of Dynons Plaza in Perth and The Stamford Residences & Reynell Terraces in Sydney are progressing as scheduled and will contribute significantly to the Group’s profits when completed in financial years ending 2011 and 2012, the company added.
Source : Business Times – 13 Nov 2009
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