Sinarmas 2Q earnings fall 69% to $20 mil on lower sales from Indonesia

SINGAPORE (Nov 12): Sinarmas Land reported $20 million in 2Q18 earnings, down 69.4% lower from a year ago om lower revenue from its Indonesia division, higher finance cost and weakening of the Indonesian Rupiah.

Total revenue for 2Q18 decreased 37.4% to $197.2 million mainly due to lower number of residential units handed over to homebuyers in Indonesia and an absence of sales of land parcels to its joint venture which was seen in 2Q17.

Despite the dip in revenue, the group’s recurring income increased 8.8% to $82.5 million with additional leasing income following the acquisition of 33 Horseferry Road Building in Central London in June 2017 and newly acquired investment properties in Central Jakarta in Indonesia.

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