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Friday, March 19, 2010

SP Setia Q1 profit rises 22%

PETALING JAYA: SP Setia Bhd posted a 22% rise in net profit to RM38.2mil for the first quarter ended Jan 31 against RM31.2mil in the previous corresponding period.

In a statement to Bursa Malaysia yesterday, it said the higher net profit was mainly derived from property development activities carried out in the Klang Valley, Johor Baru and Penang.

The group’s construction and wood-based manufacturing activities also contributed to the improved earnings.

Revenue was RM363.9mil for the quarter against RM297mil a year ago while earnings per share stood at 3.76 sen against 3.07 sen previously.

An analyst told StarBiz the results were below expectations but he believed the current quarter would probably see a better performance as the company’s new property sales were strong.

SP Setia said having achieved its highest first-quarter sales of RM608mil, it had decided to increase its sales target for the year ending Oct 31 (FY10) by 25% to RM2bil.

It also said the group targeted to continue strengthening its core landed residential earnings base through sales of existing and new product launches.

By The Star

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