Net profit of Sinarmas Land falls 23.4% YoY to $384.9m in FY23

The company recorded lower net profit despite a 7.9% YoY higher revenue.

Sinarmas Land’s net profit declined by 23.4% YoY to $384.9m in FY23.

With lower net profit, the company saw a 20.7% YoY drop in its overall profit attributable to its owners to reach $272.5m.

The company attributed the decrease to the lower EBITDA and the lower exceptional gain for the year compared to the $87.7m booked in FY22 from the disposal of a UK subsidiary, Horseferry Property Limited.

EBITDA for the period was $674.6m, down 3.2% YoY.

Meanwhile, the company also recorded a 3.2% YoY lower recurring income of $674.6m due to lower rentals from the UK property group driven by a one-off rental income spike in FY22.

The company’s hospitality business mitigated the drop in its recurring income.