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Friday, September 24, 2010

SP Setia Q3 earnings up on ongoing projects

PETALING JAYA: SP Setia Bhd net profit increased 104% to RM87.3mil for the third quarter ended July 31 from RM42.7mil achieved in the same period last year.

The net profit includes gain from the disposal of its investment property, Tesco Hypermarket in Setia Alam.

SP Setia said told Bursa Malaysia its revenue rose 13.5% to RM414.9mil in the third quarter, compared with RM365.6mil in the same period last year.

For the first nine months, it posted a net profit of RM176.7mil from a revenue of RM1.2bil, representing an increase of 54% and 17% respectively over the previous year.

“The group’s profit and revenue were mainly derived from property development activities in the Klang Valley, Johor Bahru and Penang,” it said, adding that construction and wood-based manufacturing activities also contributed to earnings.

SP Setia registered sales of RM1.95bil as at August 31, therefore essentially achieving its full financial year sales target of RM2bil with two months to spare before the period ends on Oct 31.

“The 10-month sales value has exceeded by 18% the group’s highest ever sales value over one financial year of RM1.65bil recorded in FY09,” it said.

President and CEO Tan Sri Liew Kee Sin said the group’s proactive moves last year to capture market share in the luxury high-rise and integrated commercial sector, while further consolidating its lead in landed residential segment, had borne much fruit.

“Despite the financial turbulence at the time, we continue to invest substantially to improve both infrastructure and amenities in all our developments,” Liew said.

By The Star

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