Sinarmas Land's Q3 profit falls 25.7%

Singapore

LOWER revenue, higher finance cost, and a weakening of the Indonesia rupiah dampened results for Indonesian property developer Sinarmas Land (SML) in its third quarter.

For the three months ended Sept 30, the group posted a 25.7 per cent drop in net profit to S$12.4 million, down from S$16.7 million a year earlier. Earnings per share (EPS) was 0.29 Singapore cent, versus 0.39 Singapore cent in the preceding year. No dividend has been declared. Revenue for the quarter rose 0.2 per cent to S$203.7 million.