SINGAPORE - Property group Sinarmas Land said Wednesday second quarter net profit fell 51.1 per cent to $24.4 million i n the absence of gains that boosted earnings in the same period last year.

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

Higher sales of land for commercial and industrial purposes in the country, 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 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, last year.

The counter fell 5.56 per cent to 51 cents today.