Sinarmas Land’s patmi fell by 18.7% to $89.04 million in 1HFY2024 for the six months to end-June. However, revenue increased 28.1% y-o-y to $766.1 million in 1H2024, driven by the higher sale of industrial and undeveloped land parcels in BSD City and Kota Deltamas, Indonesia, as well as higher revenue recognised from residential units and industrial buildings.
The Group’s recurring income dropped by 2.2% y-o-y to $88.4 million, mainly due to the weakening of the Indonesia Rupiah against the Singapore Dollar.The recurring income across the group’s segments and geography marginally outperformed in their respective domestic currency for 1H2024 compared to the previous corresponding period. The Group’s gross profit increased by 34.5% y-o-y to $502.9 million in 1H2024. Gross profit margin rose by 310 basis points to 65.6% driven by the sale of land parcels and industrial buildings, which generated higher profit margin.
Costs rose by 10.6% y-o-y to $166.9 million in the first half due to higher advertising and marketing expenses, along with increased salaries and related expenses.
The Group's share of profit in joint ventures declined by more than 50% y-o-y to $6.7 million in 1H2024, mainly due to lower sales of completed residential and commercial units in certain joint ventures in Indonesia. Additionally, The Group reported a lower share of profit from associated companies of $2.4 million, compared to $6.9 million in the same period last year, due to a smaller fair value gain from investments in an associated company in Indonesia.
During 1H2024, the Group deconsolidated its wholly-owned subsidiary, Sittingham Assets Limited, and recognised a loss of $50.2 million from this deconsolidation as an exceptional item on the consolidated income statement.
The Group ended the current period with a net cash position after accounting for outstanding debt. As at end-June, its net asset value stood at $1.19 per share.
See also: PropertyGuru's net loss in 2QFY2024 surges to $16.1 million
Sinarmas Land closed at 16.2 cents on Aug 12,
