Stamford Land

Stamford Land released 2Q14 results yesterday. 2Q14 revenue down 13% and operating profit down 29.6% yoy on contraction across all business segments. Weaker Australian dollar further weighed on bottomline profits, profit attributable to shareholders almost halved to $3.3m from $6.3m same time last year. Nothing interesting on the balance sheet. Management guides next quarter is not expected to improve due to imminent closure of Stamford Grand North Ryde and advance expenditure incurred without matching revenue for preparation of development sites in Australia.