SINGAPORE (Yosefardi) – Sinarmas Land Limited booked net profit of S$370.76 million in first nine months of this year, soared 162% from S$141.74 million in the same period of last year.
Revenue grew by 74% to S$782.69 million from previous S$448.68 million. Operating profit surged 182% to S $441.76 million from earlier S$156.52 million. In third quarter period, net profit increased 92% to S$95.7 million while revenue inched up 1.2% to S$182.4 million.
The increase in total revenue was mainly contributed by higher sales of land parcels in the satellite city project in West
Jaya, BSD City and higher revenue from completed residential units in the company’s development projects in
Indonesia due to the improved selling price.
The Group recognised $317.3 million of revenue from sales of land parcels to its joint ventures (PT Indonesia
International Expo and PT Bumi Parama Wisesa) and associated company (PT AMSL Indonesia) for further joint
development.
The Group recorded a net foreign exchange gain of $28.0 million in 9M2013 as compared to a loss of $60.6 million
in 9M2012.
As of September 2013, its assets totaled S$3.67 billion while liability amounted S$1.29 billion. The company has cash and cash equivalents of S$653.99 million.
Investment properties increased by $276.8 million to $436.7 million as at 30 September 2013 following the acquisition of a freehold office building in the West End London, United Kingdom, as well as freehold land and buildings in Kuningan and Semarang, Indonesia.
Higher other current assets of $133.2 million was mainly due to higher advance payment made for land and properties for further development in Indonesia.
Increase in interests in joint ventures and associated companies of $15.3 million and $52.0 million respectively was mainly related to additional capital investments in existing joint ventures, as well as acquisition of additional 8.23% interests in an associated company, PT Plaza Indonesia Realty Tbk.