SINGPORE (Yosefardi) – Sinarmas Land Limited recorded revenue of $433.8 million and EBITDA of $253.3 million for the half year ended 30 June 2014 (1H2014).
The Group is required under the FRS 110 to consolidate PDL group with effect from April 2013.
PDL group’s main project is Kota Deltamas, which is a mixed-use development project comprising industrial estates, residential units, commercial centers, business parks, schools, hospital and other public facilities and is located at Bekasi Regency, West Java.
PDL group contributed $135.3 million revenue in 1H2014 (1H2013 (restated): $12.7 million), which included sales of a land parcel of $65.5 million to an associated company of the Group (PT AMSL Deltamas) for further joint development.
During the current period, the Group also recognised $14.3 million revenue from the commercial shop-houses project in Kota Wisata, Indonesia, as well as higher revenue from its residential projects in BSD City and higher leasing revenue from its investment properties in London and Indonesia.
Total revenue in the first half of 2014, however, was lower by 29.2% primarily due to absence of $324.3 million sales of land parcels in BSD City to its joint ventures and associated company for further development.
Sinarmas Land Limited has also increased shareholding interest in PT Mustika Candraguna (MCG) to 42.12%. MCG became a 70.97% subsidiary of PT Sinar Mas Teladan, which is in turn a subsidiary of SML.
The company has also increased shareholding interest in PT Phinisindo Zamrud Nusantara (PZN) to 35.34%. PZN became a 77.48% subsidiary of PT Duta Pertiwi Tbk, which is in turn a subsidiary of SML.
Sinarmas Land Limited said its subsidiary SML Great Pte Limited (SGPL), has entered into a sale and purchase agreement with GE Real Estate GPS Limited to acquire a freehold property known as Warwick House, 8 to 13 Great Pulteney Street and 13 to 23 (odd) Lexington Street, London for a total cash consideration of GBP57,280,000 (equivalent to SGD120,517,120).
SGPL is newly incorporated in Jersey with two ordinary shares of no par value. Its principal activity is that of property investment and development.