Stamford Land Corporate Ltd

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Financial Statements And Related Announcement - First Quarter Results

Financials Archive

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UNAUDITED SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 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 2.0% was mainly due to a weaker A$.
  • Operating profit increased due to lower operating costs.

Property development

  • Revenue and operating profit were higher due to increased number of units settled in Macquarie Park Village in Q1 FY2019 (Q1 FY2019: 111 units; Q1 FY2018: 38 units).

Property investment

  • Revenue was lower due to the step-down of base rental as provided for in the tenancy agreement.
  • Operating profit improved on lower operating costs.

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 net decrease in cash and cash equivalents of S$22.1 million in Q1 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 mainly due to ongoing refurbishment projects; and
  • Cash outflow from financing activities mainly due to repayment of borrowings.

Commentary

  • On Macquarie Park Village:
    1. 646 units out of a total 712 units were settled.
    2. 13 units out of a total 60 units under the Urban Activation Precinct were sold since launching.
  • Hotel segment continues to be stable and is slightly ahead of last year in terms of operating profit.
  • Barring any unforeseen circumstances, the Group expects to be profitable in FY2019.