Stamford Land: FY11 results, revenue up 5.0%yoy to $250.7m, on the back of higher occupancy rates and the stronger AUD. Results were affected by both disasters in NZ and Aus in 4Q. Net profit is up 111.0%yoy to $60.1m...
This was boosted by a $50.8m fair value gain in investment properties during the yr excluding which net profit would have been $9.3m. Finance costs also jumped 79.6% to $24.5m due to a $4.9m expense on Dynon Plaza’s loans and $2.5m expense from a new loan secured by a hotel property. Net gearing stands at 90.4% up from 83.6% the prev yr, mainly due to a 6-fold increase in current bank borrowings related to Stamford Residences and Reynell Terrace project…
Expects continued rental income from Dynons Plaza worth over A$9m p.a., and contributions from Stamford Residences and Reynell Terraces to begin upon completion expected in 2Q12 and to maintain over 70% rev from Aus. Co declares a 2c final div and a 1c special div. Stock currently trades at 9.6X P/E and 1.1x P/B.
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