Company Briefs: Bumitama Agri

Bumitama Agri

Bumitama Agri's second-quarter net profit rose 36.1 per cent to 388.06 billion rupiah (S$36.5 million) on higher sales volume amid a recovery in palm production, the Indonesian palm oil producer said.

Revenue rose 22.4 per cent to 2.35 trillion rupiah as crude palm oil (CPO) production grew 28.1 per cent, while the average CPO price slipped 3.4 per cent to 7,786 rupiah per kg.

The company declared an interim dividend of 0.75 cent a share, in line with its year-ago payout.

Yanlord Land Group

Yanlord Land Group's second-quarter net profit soared by 220 per cent to 1.48 billion yuan (S$295.6 million).

Revenue for the three months ended June 30 rose 126 per cent to 9.66 billion yuan, underscored by the significant increase in gross floor area delivered to customers.

Gross profit grew 110.8 per cent to 3.83 billion yuan. But gross profit margin slipped to 39.6 per cent from 42.5 per cent in the same period last year, primarily due to the change in composition of product mix delivered.

As of June 30, Yanlord has received advances for pre-sale properties amounting to 11.52 billion yuan, with an accumulated pre-sale amount of 14.2 billion yuan.

Metro Holdings

Property and retail group Metro Holdings saw its first-quarter earnings slide in the absence of a one-off gain from an earlier divestment.

Net profit dropped 19 per cent to $20.2 million for the three months to June 30, while revenue came in lower by 7 per cent at $30.2 million.

The bottom line was supported by the group's property division, with retail operations running at a wider pre-tax loss of $1.97 million. This was due to lower sales in Singapore, even as an Indonesian retail associate's sales showed "marginal growth", Metro said.

Operational pre-tax profit slipped in the real estate arena to $23.7 million, as the share of associates' results came in lower on the absence of a significant gain from the disposal of interest in a subsidiary and joint venture, and the absence of contributions from the former associate after divestment.

But Metro reported higher unrealised fair value gains on investments, and the group's share of results from joint ventures improved on contributions from residential project The Crest in Singapore and recognition of $2.3 million from the sale of Acero Works in Britain.

A version of this article appeared in the print edition of The Straits Times on August 15, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe