Absence of land sales knocks earnings at Sinarmas Land

SINGAPORE - Indonesia-focused developer Sinarmas Land's first quarter net earnings nearly halved to $46.8 million from $88 million previously.

Revenue for the three months ended March 31 fell by 43.4 per cent to $239.8 million, primarily due to absence of sales of land parcels in BSD City to its joint ventures and associated company.

The Indonesia property segment remains the main contributor, representing 94 per cent of group revenue, which was significantly lower mainly due to absence of $293.4 million sales of land parcels in BSD City to its joint ventures and associated company for further development.

This was partially offset by higher revenue from completed residential units in BSD City, leasing revenue from investment property in London and Indonesia, as well as revenue contribution from the PDL group.

Coupled with higher foreign exchange loss, the group's total profit for the first quarter decreased by 47.4 per cent to $93.3 million.

Earnings per share slumped to 1.54 cents from 2.89 cents previously while net asset value per share firmed to 52 cents compared to 47 cents as at Dec 31.