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[SINGAPORE] Stamford Land reported a 4.1 per cent rise in net profit to S$15.8 million for its first half ended Sep 30, from S$15.2 million in the year-ago period.
This translates to earnings per share of S$0.0106, a 5 per cent increase from the S$0.0101 in H1 FY2025, the property company said on Friday (Nov 14).
Its latest H1 revenue inched up 1.8 per cent on the year to S$71.3 million, from S$70.1 million.
The company attributed the revenue and operating profit improvements in its hotel and owning management segment to higher hotel room rates, driven by stronger market demand.
However, the segment’s operation costs also rose, as property taxes, reservation expenses and other direct costs climbed, the company said.
“International and domestic travel activity remains stable. However, operating costs and staffing challenges continue to be more pronounced than in other markets,” it added.
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It also noted that following the decommissioning of its Sir Stamford at Circular Quay hotel in Sydney, its in-house design team will focus on ongoing upgrading works across several of its Australia-based hotels – where S$147.1 million of the proceeds from its related rights issue have been used to date.
The group did not declare a dividend for the period under review.
Stamford Land shares on Friday closed 1 per cent or S$0.005 lower at S$0.485, before the announcement.
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