Sinarmas Land net profit rebounds to $123.04m
This is a massive improvement from the $1.3m recorded for the same period last year.
Sinarmas Land (SML) recorded a net profit of $123.04m for the first half of the year, an exponential increase from the $1.36 recorded in the same period last year.
“After a tremulous 2020 with the world impacted by the worst health care crisis in modern history, the global economy is slowly showing signs of improvement. The successful development and rollout of COVID-19 vaccines, boosted by the stimulus measures from governments worldwide, have buoyed the economic engine towards recovery. However, this turn for the better is expected to be patchy, especially with the new delta variant and uneven vaccination rates across the globe,” said SML Executive Director Margaretha Widjaja in a press statement.
Whilst the group’s recurring income dipped 10.7% year-on-year due to lower revenue in both its hospitality and rental businesses in Malaysia and Indonesia, it managed to achieve savings from lower operating expenses.
SML is cautiously optimistic about the economic recovery of Indonesia, where its core business resides, as the country currently struggles with a surge in COVID-19 cases.
Outside of Indonesia, it has successfully exited its investment in China’s Chengdu Youxing Garden and completed the disposal of SML Great Pte Ltd.
It plans to expand its international footprint moving forward.