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.
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