The group says that lower revenue and operating profit was mainly due to lower room rates in its hotels caused by a softer market, including depreciating Australian dollar against Singapore dollar. This also includes the accrual of incentives payments contrary to a reversal of $5 million in the prior year.
The higher operation cost was due to increased property taxes, staff cost, energy costs and other direct costs.
As at end March, the group reported an increase in cash and bank balances of $56.3 million due to cash inflows from operating activities; full repayment of vendor finance loan granted to purchaser of Dynons Plaza in Perth; and partial off-set by repayment of interest to non-controlling interest and dividend paid to shareholders.
The group invested close to $3 million on restoration works to the heritage-listed building at Stamford Plaza Brisbane, in compliance with requirements set by the State Government of Queensland. It’s currently in negotiations to extend the existing lease and to secure redevelopment approvals.
The company raised net proceeds amounting to $238.9 million from the Rights Issue
in February 2022, and as at March 31, 2025, $146.0 million has been utilised.
Shares in Stamford Landclosed flat at 37.5 cents on May 30.
