Mixed showing by firms in Sinar Mas Group

Singapore

GOLDEN Agri-Resources net profit fell sharply by 84 per cent to US$17.2 million in the first quarter ended March 2015 from US$104 million a year ago due to softer crude palm oil prices and lower plantation output.

Revenue fell 19 per cent to US$1.55 billion from US$1.91 billion while Ebitda (earnings before interest, taxes, depreciation and amortisation) slipped 37 per cent to US$126.4 million.

Revenue from plantation and palm oil mills segment declined 32 per cent to US$340.9 million mainly due to weaker average CPO prices and lower production output, no thanks to dry weather conditions in certain Indonesian regions.

Lower CPO prices and higher production costs per tonne led Ebitda margin from the plantation and palm oil mills segment to fall to US$100.6 million from US$171.6 million.

The palm and laurics segment saw revenue fall 14.4 per cent to US$1.4 billion due to lower average selling price despite higher sales volume while revenue in the oilseeds segment declined 36 per cent to US$134.5 million on the back of lower selling prices and lower crushing volume. Earnings per share for the period slid to 0.13 US cent from 0.81 US cent. No dividend was recommended.

Another firm within the Sinar Mas conglomerate, Sinarmas Land, reported a 70 per cent jump in net profit to S$79.78 million in the first quarter ended March 2015 on the back of improved revenue and foreign exchange gain.

Revenue came in at S$285.4 million, up 19 per cent from a year ago on the back of higher sales of land for commercial, office and industrial purposes in Indonesia. This was partially offset by lower revenue from completed commercial shophouses project in Kota Wisata following the completion and hand-over of these units in 2014.

The group recorded a net foreign exchange gain of S$23.9 million versus a loss of S$18.1 million a year ago due to the stronger dollar against the Indonesian rupiah and Singapore dollar. Earnings per share stood at 2.62 Singapore cents, up from 1.54 Singapore cents previously. No dividend was recommended.

Meanwhile, Bund Center Investment posted a 35 per cent increase in net profit to S$6.56 million in the first quarter ended March 2015 from a year ago. Revenue improved 12 per cent to S$33.35 million over the period due to an uptick in hotel revenue and leasing income from its Bund Center office tower.

In an announcement, the firm said its hotel continues to outperform the average occupancy rate and average room rate among five-star hotels in Shanghai, despite the competitive environment. Earnings per share stood at 0.22 Singapore cent, up from 0.16 Singapore cent previously.

No dividend was recommended, the same as the previous year.