Sinarmas Land slips into red in Q4

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.