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Sinarmas Land posts flat Q3 profit

SINARMAS Land's net profit was nearly flat for the third quarter ended Sept 30, edging up 0.7 per cent year on year to S$17.57 million.

Revenue shot up 36.8 per cent to S$199.58 million but costs and certain expenses were higher during the quarter.

It also recorded a loss of S$6.15 million from share of results of joint ventures, versus a gain of S$2.55 million a year ago.

Earnings per share for the quarter came to 0.41 Singapore cents, on a par with the same period a year ago.

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A dividend of 0.8 Singapore cent per share has been declared, payable on Dec 14.

"Our Indonesian property division is expected to deliver better results compared to last year, due to higher land sales and more residential units being handed over in FY2017," said Sinarmas Land. "On Nov 3, the group announced the divestment of its wholly owned subsidiary, Golden Bay Realty; if the transaction is completed before the year-end, it is expected that the gains on disposal will further bolster earnings for FY2017."