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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Binance’s rivals muscle in on Bitcoin trading around the world
BOJ will hike rates if trend inflation accelerates, says Ueda
Malaysia to build region’s largest chip design park in bid for top startup-hub status
British retailer JD Sports to buy US rival Hibbett for US$1.08 billion
Japan’s 7-Eleven convenience chain targets aggressive global growth
Renault Q1 sales rise 1.8%, helped by financing business