Stamford Land Corporate Ltd

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Financial Statements And Related Announcement - Second Quarter Results

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UNAUDITED SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 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 6.4% in Q2 FY2019 and 4.2% in 1H FY2019 was mainly due to a weaker A$.
  • Operating profit increased due to lower operating costs.

Property development

  • Revenue and operating profit were lower due to decreased number of units settled in Macquarie Park Village in Q2 FY2019 (Q2 FY2019: 15 units; Q2 FY2018: 131 units) and 1H FY2019 (1H FY2019: 126 units; 1H FY2018: 169 units).
  • In Q2 FY2019, there were sales of 2 commercial units in The Stamford Residences & The Reynell Terraces and 1 unit 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.
  • Increase in tax recoverable was mainly due to payment of withholding tax which will be refunded in subsequent months.
  • 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$15.5 million and S$37.6 million in Q2 FY2019 and 1H FY2019 respectively, 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

  • 661 units out of a total 712 units at Macquarie Park Village were settled as at 30 September 2018.
  • 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.