SINGAPORE (Feb 26): Sinarmas Land, the property arm of Indonesia's Sinarmas Group, reported 4Q earnings dipped 74.9% to $58.6 million, mainly due to the absence of land sales for its Indonesia division and the one-off exceptional gain of $109.4 million from the divestment of Orchard Towers by its International division in FY17. Total earnings for FY18 fell 66.4% to $119 million.
Total revenue for FY18 decreased 35.9% to $864.1 million mainly due to the absence of one-off land sales in BSD City amounting to $471.2 million in FY17, as well as the weakening of the Indonesian Rupiah. Excluding the one-off land sales in the corresponding comparison periods, FY18’s revenue would have decreased marginally by 1.4% year-on-year, notwithstanding the proportionately higher drop in Rupiah against the Singapore Dollar.
The dip in revenue was offset by higher revenue generated from the sales of commercial shophouses in Indonesia and broader recurring income base from investment properties.