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Sinarmas Land Q4 net profit dives 75%

SINARMAS Land Limited's Q4 net profit plummeted 74.9 per cent to S$58.6 million from the preceding year, the group said in a Singapore Exchange filing on Tuesday.

It attributed the fall to the absence of land sales for its Indonesia division and a one-off gain from the divestment of Orchard Towers by its international division in the preceding year.

For the three months ended Dec 31, revenue fell 52.7 per cent to S$276.2 million from the preceding year. The drop in revenue was due partly to the aforementioned absence of land sales as well as the weakening of the Indonesian rupiah, the company said.

Q4 earnings per share sank to 1.38 Singapore cents from restated earnings per share of 5.5 Singapore cents in the corresponding quarter in the previous year. 

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For the full year, net profit decreased 66.4 per cent to S$119 million from the preceding year. Revenue dived 35.9 per cent to S$864.1 million from the year-ago period.

Sinarmas Land attributed the drop in revenue partly to the one-off land sales in FY17. Excluding those sales, FY18 revenue would have decreased marginally by 1.4 per cent year-on-year.

Earnings per share for FY18 sank to 2.8 Singapore cents from 8.32 Singapore cents in the previous year.

Net asset value per share for the group slipped to 48 Singapore cents as at Dec 31 from 50 Singapore cents a year ago.

Dividend per share fell to 0.2 Singapore cent from a total of 1.5 Singapore cents in the preceding year that comprised an interim dividend of 0.8 Singapore cent and a special final dividend of 0.7 Singapore cent.

Sinarmas Land closed S$0.015 or 5.9 per cent up at S$0.27 on Tuesday before the results were announced.