Stamford Land Corporate Ltd

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Financial Statements And Related Announcement - Third Quarter Results

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UNAUDITED THIRD QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2018

Profit & Loss

Financials

Consolidated Statement of Total Comprehensive Income

Financials

Balance Sheets

Financials

Review Of Performance

Consolidated income statement

Financials

Hotel owning & management

  • Revenue decline of 2.9% in Q3 FY2019 and 3.7% in YTD FY2019 was mainly due to a weaker A$
  • Operating profit decreased in line with the decline in revenue.

Property development

  • Revenue and operating profit related mainly to the settlement of units in MPV in Q3 FY2019 (Q3 FY2019: 9 units; Q3 FY2018: Nil) and YTD FY2019 (YTD FY2019: 135 units; YTD FY2018: 169 units).
  • In addition, in YTD FY2019, there were sales of 2 commercial units in The Stamford Residences & The Reynell Terraces and 1 unit in The Stamford Residences Auckland (YTD FY2018: sale of 2 units in The Stamford Residences Auckland).

Property investment

  • Revenue was lower due to the step-down of base rental as provided for in the tenancy agreement.

Consolidated Balance Sheet

  • Decrease in development properties for sale was due to the settlement of apartments in Macquarie Park Village during the period.
  • Decrease in bank borrowings was due to repayments during the period.

Consolidated Statement of Cash Flows

The Group registered a decrease in cash and cash equivalents of S$19.1 million in YTD FY2019, details as follows:

  • Cash inflow from operating activities was mainly due to settlement of apartments in Macquarie Park Village.
  • Cash outflow from investing activities was mainly due to ongoing refurbishment projects; and
  • Cash outflow from financing activities was mainly due to repayment of borrowings, payment of dividends and purchase of treasury shares.

Commentary

  • 670 units out of a total 712 units at Macquarie Park Village were settled as at 31 December 2018.
  • Hotel and property investment segments continue to be stable.
  • Barring any unforeseen circumstances, the Group expects to be profitable in FY2019.