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Financial Statements And Related Announcement - Third Quarter Results
UNAUDITED SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2016
Profit & Loss
Consolidated Statement of Total Comprehensive Income
Review Of Performance
Consolidated income statement
Hotel owning & management
- Revenue growth of 3.6% in Q3 FY2017 was due mainly to a strong A$, which increased by 4.1%.
- Operating profit for Q3 FY2017 decreased mainly due to higher operating costs.
- Revenue was lower as there was only one apartment sold in YTD FY2017 (YTD FY2016: 1
TSRRT penthouse, 1 TSRRT apartment and 3 TSRA apartments).
- Operating profit for YTD FY2017 was lower due to less apartments sold.
- Revenue and operating profit were higher due to higher rent for FY2017.
- Revenue and operating profit decreased due to challenging business environment in both travel
agency and interior decoration business.
Consolidated Balance Sheet
- Decrease in cash and cash equivalents was mainly due to payment of FY2016 dividends and
repayment of borrowings.
- Increase in tax recoverable was mainly due to payment of withholding tax which will be refunded
in subsequent months.
- Increase in development properties for sale was due to capitalisation of construction costs of an
ongoing development project.
- Decrease in trade and other payables was mainly due to payment of construction costs of an
ongoing development project.
- Increase in borrowings was mainly due to net proceeds from additional bank borrowings drawn
for an ongoing development project.
Consolidated Statement of Cash Flows
The Group registered a net decrease in cash and cash equivalents of S$13.2 million and S$33.8
million for Q3 FY2017 and YTD FY2017 respectively, details as follows:
- Cash outflow from operating activities was mainly due to construction costs of an ongoing
- Cash outflow from investing activities was mainly due to ongoing refurbishment projects.
- Cash inflow from financing activities was mainly due to additional borrowings drawn down
for an ongoing development project, partially offset by repayment of borrowings and
payment of dividends.
- For YTD FY2017, property development segment registered sale of 1 apartment as compared to
5 apartments in YTD FY2016, resulting in a decline in net profit.
- Performance of the hotel segment was consistent and is expected to remain stable.
- Contributions from property development segment will be substantial (on completion of first three
towers of Macquarie Park Village) in Q4 FY2017 or later. The remaining four towers will be
completed in FY2018 and beyond.
- Property investment segment continues to deliver stable results underpinned by fixed lease
- Barring any unforeseen circumstances, the Group expects to remain profitable for FY2017.