Stamford Land Corporate Ltd

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Financial Statements And Related Announcement - Full Yearly Results

Financials Archive

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UNAUDITED FULL YEAR FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

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 6.4% in Q4 FY2019 and 4.4% 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 Macquarie Park Village in Q4 FY2019 (Q4 FY2019: Nil; Q4 FY2018: 192 units) and YTD FY2019 (YTD FY2019: 135 units; YTD FY2018: 361 units).
  • In addition, in YTD FY2019, there were sales of 2 commercial units in The Stamford Residences & The Reynell Terraces and 2 units 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 year.
  • Decrease in bank borrowings was due to repayments during the year.

Consolidated Statement of Cash Flows

The Group registered a decrease in cash and cash equivalents of S$10.9 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 bank borrowings, payment of dividends and purchase of treasury shares.

Commentary

  • As at 31 March 2019, 670 units out of a total 712 units in Macquarie Park Village were settled. The market is currently suffering a severe downturn. Consequently, 42 units of our remaining stock are not sold.
  • The hotel segment continues to be stable.
  • The property investment segment continues to deliver stable results. But a shorter remaining lease has resulted in a significant fair value impairment of S$6.7 million in FY2019.
  • The depreciating A$ had adversely affected our net income, and our net asset value per share has decreased by S$0.03.
  • Barring any unforeseen circumstances, the Group expects to be profitable in the financial year ending 31 March 2020, albeit the profitability will be a downward trend.