Yahoo Finance Stamford Land registered earnings of $152.4 mil for FY2023; reports $218.6 mil gain on disposal
Revenue for the full year declined by 5.5% y-o-y to $151.7 million.
Stamford Land H07 has posted earnings of $152.4 million for its FY2023 ended March.
During the financial year, the company acquired assets amounting to $6.8 million and disposed assets amounting to $98.3 million. This resulted in a gain on disposal of property, plant and equipment of $218.6 million.
On Dec 6, 2022, the company completed the divestment of Stamford Plaza Auckland and its business to Albert Street Hotel at a consideration of NZ$152 million and NZ$18 million respectively.
Meanwhile, on January 19, the company completed the divestment of Sir Stamford at Circular Quay to JDH Capital Macquarie Street Property at a consideration of A$210.5 million.
Revenue for the full year declined by 5.5% y-o-y to $151.7 million. This is mainly due to the divestment of Stamford Plaza Auckland and the weakening of the Australian dollar against the Singapore dollar.
The company is proposing a final dividend of 0.5 cent per share and a special dividend of 1 cent per share.
In its outlook, the company notes that hotels continue to face competition, coupled with rising manpower costs and shortage of human resources. Amid this, it will continue to explore acquisition opportunities.
Shares in Stamford Land closed at an unchanged 39.5 cents on May 26.
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