SP Setia posts RM43m profit on strong sales

An Artist's Impression of Setia Eco Park, one of the property development of Sp Setia's.

Petaling Jaya: SP Setia Bhd posted a net profit of RM42.68mil for the third quarter ended July 31, up 4.45% from the RM40.86mil in the previous corresponding period, mainly to strong sales recorded from its 5/95 home and commercial ownership campaign.

The company told Bursa Malaysia yesterday in notes accompanying its financial results that the effects of the campaign were beginning to be reflected in the group’s financial performance which had helped reverse the negative profit trend in the first and second quarters.

Revenue for the period under review rose 4.8% to RM317.05mil from RM302.4mil previously, while earnings per share were 4.2 sen compared with 4.02 sen.

For the nine-month period, its net profit fell 16.7% to RM114.37mil from RM137.38mil in the previous corresponding quarter, while its revenue declined 2.2% to RM887.46mil from RM907.57mil.

“The group’s profit and revenue were mainly derived from its property development activities carried out in the Klang Valley, Johor Baru and Penang,” the company said.

By The Star