SINGAPORE (Nov 13): Sinarmas Land reported 3Q ended Sept earnings increased by 0.7% to $17.6 million compared to $17.4 million a year ago.

Total revenue for the 3Q17 ended Sept rose 36.8% to $199.6 million contributed mainly by higher sales of land parcels in both BSD City and Kota Deltamas, a larger number of residential units handed over to homebuyers as well as<br>increased revenue recognition from apartments in BSD City.

Concurrently, cost of sales were up by 43.6% to $57.6 million from $40.1 million in the previous year, while gross profit margin dipped to 71.2% compared to 72.5%.

Total operating expenses for the period was 24.1% higher at $75.8 million from $61.1 million last year, mainly due to higher advertising, marketing and commission expenses incurred for housing clusters in BSD City, as well as higher salaries and related expenses.

Operating profit came in 47.9% higher at $66.3 million.

The group also recorded net other expenses of $24.1 million from $1 million a year ago.

The group has proposed an interim dividend of 0.8 cent per share, which will be paid on Dec 14.

Margaretha Widjaja, executive director and vice-chairman of SML Indonesia division says, “In view of the favourable low credit environment, the group will continue to focus on ensuring timely handing over of completed units and achieving its marketing sales target through land sales and strategic alliances, while embarking on its earnings diversification strategy through the development and acquisition of commercial properties to increase its recurring income base.”

Shares in Sinarmas Land closed at 42 cents on Monday.

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