SINGAPORE (Yosefardi) – Sinarmas Land Limited booked revenue of $985.0 million for the year ended 31 December 2013 as compared to $631.3 million in 2012, representing an increase of 56.0%.
The higher sales of land parcels in Indonesia and foreign exchange gain recorded in 2013 have brought the EBITDA and net profit attributable to owners of the Company to $556.8 million and $252.5 million respectively, more than double of $274.8 million and $112.7 million respective in 2012.
Total revenue increased by $353.7 million mainly contributed by higher sales of land parcels in BSD City, the satellite city project in West Jaya, Indonesia. The Group recognised $302.2 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.
During the current year, the Group also recorded higher revenue from sales of completed residential units in BSD City and Shenyang, China resulting from larger number of units being completed and handed over to homebuyers and improved average selling prices. However, the weakening of IDR against SGD during the year has resulted in lower revenue reported in SGD.
Cost of sales increased by 12.3% to $293.3 million in FY2013 as it included costs of sales for the higher sales of land parcels in Indonesia and increased numbers of residential units recognised during the year.
Net operating income of $7.4 million comprised mainly building and estate management income (net of expenses), management and lease co-ordination fees, and other miscellaneous service income. Net operating income was higher at $15.3 million in FY2012 as it included $3.8 million profit from disposal of an investment property in Indonesia and fair value gain on long-term financial assets.