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Sinarmas Q4 profit surges 412.5%, issues special dividend

A S$109.4 million gain on the divestment of Orchard Towers contributed to a 412.5 per cent leap in Sinarmas Land's Q4 net profit to S$238.2 million from the previous year, the group said in a Singapore Exchange filing on Monday evening after trading hours.

Earnings per share jumped to 5.6 Singapore cents from 1.09 Singapore cents in the previous year, for the Indonesian developer which has operations in Indonesia, China, Malaysia and the United Kingdom.

The company also declared a special dividend of 0.7 Singapore cents payable on June 29, on top of the interim dividend of 0.8 Singapore cents per ordinary share already paid on Dec 14. In the preceding financial year, Sinarmas issued a dividend of 0.19 Singapore cents per share.

For the full year ended Dec 31, net profit rose 209.8 per cent to S$356 million, and revenue surged 47.5 per cent to S$1.3 billion. Earnings per share stood at 8.36 Singapore cents, up from 2.7 Singapore cents a year ago.

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Sinarmas sold the 21 shops and 38 offices at Orchard Towers in November 2017 to Hiap Hoe for S$162 million, through a sale-and-purchase agreement to acquire a 100 per cent stake in Golden Bay Realty, then a wholly owned subsidiary of Sinarmas.

In addition, the company also benefited from higher revenue in the three months ended Dec 31, which rocketed 70.8 per cent to S$560.4 million from the year-ago period. This was thanks to higher sales of land parcels to Japanese and Chinese property developers and higher revenue recognised from a handover of apartments in BSD City.

Sinarmas Land shares closed S$0.38, or half a Singapore cent higher on Monday before results were announced.