Sinarmas Land

Property group Sinarmas Land said yesterday second-quarter net profit fell 51.1 per cent to $24.4 million.

Revenues rose 20.2 per cent to $233 million owing to development projects in Indonesia.

Higher sales of land for commercial and industrial purposes there and the increased number of completed residential units handed over to home buyers, particularly in Bumi Serpong Damai City, helped lift revenue.

Earnings per share for the quarter was 0.8 cents, down from 1.64 cents in the same period last year. Net asset value per share was 56 cents at June 30, unchanged from Dec 31. The counter fell 5.56 per cent to 51 cents yesterday.

Boustead

Engineering services group Boustead Singapore posted a 61 per cent drop in net profit year on year to $6.3 million for the first quarter ended June 30 due to higher financing costs. Revenue fell 8 per cent to $116.7 million.

The energy-related engineering division delivered a revenue of $34.5 million, a 17 per cent fall due to the weak business environment in the global oil and gas industries.

The geo-spatial technology business saw revenue decrease by 11 per cent to $25.5 million, largely hurt by currency headwinds, especially the weaker Aussie dollar.

Earnings per share was 1.2 cents, down from 3.1 cents in the same period last year. Net asset value per share was 57.8 cents as at June 30, down from 73 cents as at March 31. The counter fell nine cents or 8.26 per cent to $1 yesterday.

Olam

Commodities firm Olam international said yesterday that non-executive chairman R Jayachandran will retire on Oct 31 after 20 years on its board. Deputy chairman Kwa Chong Seng will take over as independent non-executive chairman on the same day.

Mr Jayachandran was appointed non-executive director in 1995 and became chairman in 2006. Under his chairmanship, Olam's revenues registered a compounded annual growth of 21.5 per cent. Its net profits also grew at rate of 28.7 per cent yearly, said the company in a statement yesterday.

Mr Kwa has been Olam's deputy chairman since October. He is also board chairman at Neptune Orient Lines, Singapore Technologies Engineering and Fullerton Fund Management. He sits on the board of the Singapore Exchange and the Defence Science and Technology Agency, and is deputy chairman of the Singapore Public Service Commission.