SP Setia Q1 net profit rises to RM48.5m

SP SETIA Bhd's first-quarter net profit increased 3.8 per cent to RM48.5 million against RM46.7 million previously, mainly derived from property development activities in the Klang Valley, Johor Baru and Penang.

In a filing to Bursa Malaysia Bhd yesterday, the firm said the figures for the three months ended January 31 2008 were also attributed to ongoing projects which include Setia Alam at Shah Alam, SetiaHills at Bukit Indah Ampang, Bukit Indah, Setia Indah and Setia Tropika in Johor, and Setia Pearl Island in Penang.

Revenue stood at RM303.7 million against RM255.2 million achieved for the same period last year.

Apart from property development, SP Setia said its construction and wood-based manufacturing activities also contributed to the earnings achieved.

The group's focus in the current financial year is to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer.

It also targets to launch its first overseas project in Vietnam by the third quarter of the current financial year.

By New Straits Times