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Sinarmas Land slips into red in Q4

Monday, February 29, 2016 - 22:24

INDONESIAN developer Sinarmas Land, listed in Singapore, slipped into the red for the fourth quarter after racking up heftier finance costs and substantial foreign exchange losses.

It posted a net loss of S$7.79 million for the three months to Dec 31, compared with net profit of S$99.78 million the previous year, it said in a Singapore Exchange filing on Monday.

This was despite revenue growing 32.8 per cent year-on-year to S$247.22 million.

It made a loss per share of 0.23 Singapore cents for Q4 2015, compared with earnings per share of 3.28 Singapore cents in the year-ago period. Net asset value per share slid to S$0.41 as at Dec 31, 2015, from S$0.56 as at Dec 31, 2014.

It cut its first and final dividend to S$0.0019 per share, from S$0.005 the previous year.

Sinarmas Land shares were flat at S$0.405 on Monday before it released the results.

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