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Friday, June 18, 2010

SP Setia at month high after profit surges

SP Setia Bhd, Malaysia’s biggest property developer, rose to a one-month high after profit in the second quarter ended April 30 climbed 26 per cent from a year earlier.

SP Setia posted a higher pre-tax profit of RM71 million for its second quarter ended April 30, 2010, compared with RM55.7 million in the same period last year.

This was mainly attributed to profit from residential and commercial properties in the Klang Valley and Johor Baru, it said in a filing to Bursa Malaysia on Thursday.

SP Setia's revenue for the second quarter increased to RM409.1 million from RM352.2 million while the net profit rose by 26 per cent to RM51.2 million from RM40.5 million previously.
The stock gained 1 per cent to RM4.07 at 9:03 am local time in Kuala Lumpur trading, set for its highest close since May 13.

Meanwhile, the group has said that it continues to set new sales benchmarks with second-quarter sales of RM598 million and cumulative six-month sales of RM1.206 billion.

As at May 31, the group's sales for the first seven months totalled RM1.438 billion, with the sale and purchase agreements signed.

SP Setia said the management was confident that the group's financial year 2010 sales target of RM2 billion was achievable based on the strong sales momentum and upbeat consumer sentiment.

Underpinned by the strength of sales in established markets, the group said it continued to strive to strengthen its positioning and standing in new market segments, both locally and abroad.

"This will broaden the group's earnings base and ensure continued dynamism and growth over the long run," it added.

By Bloomberg

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