Stamford Land has posted earnings of $5.9 million for FY2024 ended March 31, down 96.1% y-o-y.
During the financial year, the company acquired assets amounting to $6 million, down from $6.8 million the year prior. Over FY2024, Stamford Land disposed of no assets, compared to some $98.3 million of assets in FY2023.
This resulted in no gains on disposal of property, plant and equipment, down from a $218.6 million gain this time last year.
On Dec 6, 2022, the company completed the divestment of the group’s property known as Stamford Plaza Auckland and its business to Albert Street Hotel Limited at a consideration of NZ$152 million ($125.39 million) and NZ$18 million respectively.
On Jan 19, 2023, the company’s wholly-owned subsidiary Sir Stamford at Circular Quay (2000) Ltd completed the divestment of the property known as Sir Stamford at Circular Quay to JDH Capital Macquarie Street Property Pty Ltd at a consideration of A$210.5 million ($188 million).
FY2024 revenue was 3.4% higher y-o-y at $157.0 million.
See also: Stamford Land registered earnings of $152.4 mil for FY2023; reports $218.6 mil gain on disposal
The company has proposed a final dividend of 0.5 cents per share, unchanged y-o-y but without a special dividend of 1.0 cents per share declared for FY2023.
In its outlook, the company says its hotels continue to face competition, coupled with rising operating and manpower costs, and a tight labour market — “an endemic situation that is experienced globally”.
The commercial tenancy situation for the group’s property in London remains stable, says the company. “Fortunately, we have repaid all loans and are not exposed to interest rate risk. While the valuation of the property is dependent on the interest rate environment, this is non-cash in nature.”
See also: Qian Hu reverses from year earlier loss
The group has commenced certain development and restoration works to the heritage building in Stamford Plaza Brisbane, as required by the State Government of Queensland.
Shares in Stamford Land closed 0.5 cents higher, or 1.30% up, at 39 cents on May 24.
