Bund Center Reports S$33.9 Million Profit

Indonesia Finance

Saturday, 26 February 2011 18:16

Theindonesiatoday.com - Shanghai property developer Bund Center Investment Ltd, a company controlled by Sinarmas Group, reported net profit of S$33.9 million last year, increased 6.2% from 2009 despite lower revenues.

Bund Center, which controls Shanghai Bund Center, reported revenue of S$135.24 million last year, declined slightly by 0.1% from 2009. But the company's cost of sales dropped 4.1%, resulting in 4..2% growth of gross profit to S$68.5 million.

Total operating expenses, meanwhile, surged 20.4% to S$20.57 million, resulting in 3.6% decline of operating profit to S$42.94 million. But the company managed to report 22.1% growth in profit before income tax because of substantially lower financial expenses.

Bund Center said that the lower average exchange rate of Chinese Renminbi (RMB) against SINGAPORE dollar (SGD) has resulted in lower reported revenue in FY2010. Comparing in RMB terms, the Group’s revenue of RMB672.5 million in FY2010 was 5.6% higher than the previous year (FY2009), mainly driven by improved operating performance from its hotel, The Westin Bund Center, Shanghai.

Hotel revenue increased by 21.1% to S$70.8 million in FY2010 mainly attributable to improvement in average occupancy from 58.1% to 70.3% and higher average room rate. This improvement was mainly due to higher demand for hotel rooms and services boosted by increased visitor arrivals in Shanghai, especially for the Shanghai World Expo 2010. Rental income from our investment properties, namely Bund Center office tower and Golden Center retail complex was lower at S$64.4 million in FY2010, primarily due to lower average occupancy and lower renewal rates in the office tower. (Theindonesiatoday.com)

» Sanofi to Tap OTC Market Next Year

Theindonesiatoday.com - Pharmaceutical giant Sanofi Group plans to enter over the counter (OTC) next year in a bid to strengthen its position in Indonesian market.

Latest News

» Sanofi to Tap OTC Market Next Year

» Boeing & Lion Kick Off RNP Flight Operations

» Market Weekly Review

» Pertamina's Sangasanga Tarakan Oil Production Doubled

» Lippo Plans to Inject US$2 Billion Mall Assets over 3 Years

» Trada Reports Flat Results

» EA Minerals Reports Robust Gold System in Miwah, Aceh

» Indonesian Crude Oil Price dropped 2.3%

» TiPhone Gains 14.5% in Trading Debut

» Police Arrests Citibank 'Sexy' Employee

» Restructuring Completed, Ramba Directly Owns 41% Lemang Block

» EWC World Corp Proposing to List at Hong Kong Exchange

» Fitch Affirms Tugu Pratama IFS Rating

» PSL Group Enters Indonesia Coal Business

» CIC, GIC Grant $750 Million Loan to Buma

Latest News

Most Read

Industries

Politics

Law

People