Sinarmas Land's Q1 net profit jumps 13 times to $88 million

Sinarmas Land's first-quarter net profit rose by over 13 times from the same period last year to $88 million.

The Indonesian property developer said revenue for the three months ended March 31 more than tripled from a year earlier to $424 million, mainly owing to higher sales of land parcels in BSD City, a satellite city project in West Java.

Earnings per share surged to 2.89 cents from 0.21 cent at the same time last year. Net asset value per share rose to 51 cents from 49 cents at the end of last December.

The outlook for its Indonesian property business remains positive, Sinarmas said, due to low interest rates.

The firm has acquired land banks in Jakarta's central business district to build up its pipeline of projects.