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.
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.
