Singapore-listed Sinarmas Land (SML) booked profit after tax of S$63 million in second quarter (Q2) this year, jumped 78.7% on the back of higher revenue and better operating performance from its Indonesia division. Total revenue for the half year (H1) ended 30 June 2017 rose 33.2% to S$536.4 million contributed mainly by higher sales of land parcels, a larger number of residential units handed over to home buyers as well as increased revenue recognition from apartments in BSD City, Indonesia. In Q2, the Group recognized S$117.3 million of revenue from sales of land parcel to its joint venture with Mitsubishi Corporation (PT BSD Diamond Development) for further joint development. SML is the largest property developer in terms of strategic land bank and market capitalization. SML operates mainly through three public listed Indonesia subsidiaries, namely PT Bumi Serpong Damai Tbk (BSDE), PT Duta Pertiwi Tbk (DUTI) and PT Puradelta Lestari Tbk (DMAS) – with a combined market capitalization in excess of S$6.0 billion.
