Sinarmas Land posts 49% rise in H1 earnings to S$127.5 million on higher revenue

PROPERTY developer Sinarmas Land on Friday (Aug 12) announced a 48.9 per cent increase in earnings for the first half ended June to S$127.5 million, compared to S$85.6 million in the previous year.

The higher earnings, which were driven by an increase in revenue in the latest half-year period, came despite the absence of one-off gains amounting to S$39.5 million that were recorded in H1 last year. These exceptional items included a gain on disposal of a subsidiary.

Revenue jumped 41.1 per cent to S$506.8 million in H1, from S$359.3 million in the year-ago period.

This was largely due to higher sales of commercial and industrial land parcels in BSD City and Kota Deltamas in Indonesia, as well as higher revenue recognised from residential and apartment units.

Gross profit rose 62.5 per cent to S$386.5 million, with overall gross profit margin up 10.1 percentage points year on year to 76.3 per cent.

Shares of Sinarmas Land closed 1.6 per cent or S$0.003 lower at S$0.19 on Friday, before the results announcement.