Its revenue jumped to $1b due to high sales of land parcels.
Sinarmas Land popped the champagne in 2017 as its profits surged 209.8% YoY from $114.91m to $355.97m, thanks to higher sales of land parcels and higher revenue from apartments recognised in BSD City, Indonesia.
According to its financial statement, group revenue went over $1b. Selling expenses of $99.5m comprised mainly advertising and marketing expenses, professional fees, and salaries and related expenses.
Sinarmas Land noted that it recognised $167.5m of revenue from sales of land parcel to its joint ventures (PT BSD Diamond Development and PT Panahome Deltamas Indonesia) for further joint development. “The gain arising from this transaction that is attributable to the interests of the Group has not been recognised in the Group’s income statement in accordance with the requirement of Singapore Financial Reporting Standards. Hence, appropriate adjustments have been made in the share of results of joint ventures.”
Net finance expenses decreased from $66.9m in the previous year to $38.2m mainly due to higher interest income earned, coupled with absence of $14.8m loss arising from the redemption of certain interest-bearing senior notes during the last quarter of 2016 and lower interest expenses in Indonesia due to lower average bank borrowings during the current year.
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