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Stamford Land’s 1Q earnings plunge 34.5%

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Stamford Land’s 1Q earnings plunge 34.5%

Gwyneth Yeo Published on Thu, Jul 28, 2016 / 7:45 PM GMT+8

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SINGAPORE (July 28): Stamford Land Corporation saw a 34.5% decrease in earnings to $8.3 million for 1Q17 from a year ago as sales from property development dried up.

For the quarter to June, revenue fell 30.8% to $44.8 million. Sales from property development fell 99% to $207,000 as the group had not sold any units.

In contrast, the group had sold one penthouse in The Stamford Residences & The Reynell Terraces, and two apartments in The Stamford Residences Auckland in 1Q16.

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