[SINGAPORE] Sinarmas Land reported a 5.5 per cent drop in net profit to S$154 million for the half-year ended Dec 31, 2024, from S$163 million in the same period in the previous year.
This came as revenue for the half-year dropped 2.9 per cent year on year to S$721.7 million, while both cost of sales and operating expenses grew 6.5 per cent and 24.2 per cent, respectively, based on the property developer’s bourse filing on Tuesday (Apr 15).
Earnings per share stood at S$0.0362 for the period, down from S$0.0383 in the second half of 2023.
For the full year, net profit was down 10.8 per cent at S$243.1 million despite a 10.9 per cent rise in revenue to S$1.5 billion. This was due to a 97.7 per cent higher profit attributable to non-controlling interests of S$222.3 million.
The full-year revenue growth was mainly driven by higher sales of industrial and commercial land parcels in BSD City and Kota Deltamas, Indonesia, as well as higher revenue recognised from residential units and commercial shophouses, said the company.
The board declared no dividend for the financial year as “the group is conserving cash for its working capital needs”, according to the filing. The corresponding period of the previous financial year saw a dividend of S$0.0008 per share.
Indonesia’s billionaire Widjaja family offered S$0.31 per share to privatise the company on Mar 27, which valued the Singapore-listed property developer at S$1.32 billion.
Shares of Sinarmas Land closed flat at S$0.32 on Tuesday, before the results.
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