SINGAPORE (Yosefardi) – SGX-listed Sinarmas Land Limited (SML) booked net profit of S$18.4 million in the first half (1H) of 2015, grew by 7.6% from the same period of 2014.
Revenues rose 19.5% to S$518.4 million on the back of strong contribution from project development sales as well as sales of land for commercial and industrial purposes in Indonesia.
BSD City and DMAS remain the main revenue contributors, generating 75.1% of the Group’s total revenue in 1H 2015.
In tandem with higher revenue, 1H 2015 gross profit increased 18.3% to S$358.3 million with gross profit margin remaining stable at 69.1% (1H 2014: 69.8%).
Net profit after tax slipped 28.6% in second quarter (2Q) 2015 to S$72.3 million due to foreign exchange loss and absence of exception items as compared to the corresponding period but recorded an overall gain of 18.8% in 1H 2015 to S$231.0 million.
Net profit attributable to the owners of the Company decreased 51.5% to S$24.4 million in 2Q 2015.
Total assets grew to S$5,025.9 million mainly attributable to advance payment made for purchase of land and properties in Indonesia and higher cash and cash equivalents
Healthy financial position with cash and cash equivalent of S$1,266.4 million and a positive net cash position of S$250.9 million.