Logo from Sinarmas Land

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.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!