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Friday, June 18, 2010

SP Setia’s Q2 net profit rises 26%

KUALA LUMPUR: Property developer SP Setia Bhd posted a 26% increase in net profit to RM51.2mil for its second quarter ended April 30, compared with RM40.52mil in the corresponding period last year.

Revenue for the second quarter increased to RM409.1mil from RM352.2mil previously.

In a filing to Bursa Malaysia yesterday, the company said the improved performance was mainly due to better sales in residential and commercial properties in the Klang Valley and Johor Baru. SP Setia said it continued to set new sales benchmarks with second-quarter sales of RM598mil and cumulative six-month sales of RM1.206bil.

As at May 31, the company’s sales (based on sale and purchase agreements signed) for the first seven months totalled RM1.44bil

The management expects to achieve its sales target of RM2bil for the financial year ending Oct 31, 2010 (FY10) on the back of strong sales momentum and upbeat consumer sentiment.

Underpinned by the strength of sales in established markets, SP Setia said it would continue to strengthen its position and standing in new market segments, locally and abroad.

“This will broaden our earnings base and ensure continued dynamism and growth over the long run,” it said.

In a separate filing, the company said it had proposed an interim dividend of 6 sen per share less income tax of 25% for FY10.

By The Star

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