Sinarmas Land's Q3 profit plunges 63% on lower forex gains, absence of one-off gain

LOWER foreign-exchange gains and the absence of a one-off gain dampened results for Sinarmas Land in its third quarter.

Net profit plunged 62.6 per cent to S$17.4 million from the year-ago period, the group said in a Singapore Exchange filing on Monday evening.

For the three months ended Sept 30, 2016, revenue fell 23.6 per cent to S$145.9 million from the year-ago period.

The contraction in revenue was due mainly to lower sales of land for commercial and industrial use in Indonesia, as well as slower sales recognition pattern after the extension of a longer instalment payment scheme.

The group recorded foreign-exchange gains of S$1.6 million in the quarter, compared to gains of S$11.2 million in the same period a year ago. Last year, it also recorded S$30.6 million in negative goodwill.

Earnings per share sank to 0.41 Singapore cent from 1.55 Singapore cents in the previous year.