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Thursday, December 9, 2010

SP Setia posts 32% higher PAT on asset disposal, property sales

PETALING JAYA: Property developer SP Setia posted a 32% rise in profit after taxation (PAT) to RM75.2 million for the fourth quarter ended Oct 31 from disposal of an investment property in Bukit Indah, Johor.

Revenue rose 41.8% to RM558mil.

The company said in an announcement to Bursa Malaysia Thursday that profit and revenue were principally derived from property development activities carried out in the Klang Valley, Johor Bahru and Penang.

It added that other ongoing projects that contributed to profit and revenue included Setia Alam and Setia Eco-Park at Shah Alam.

Other significant contributors included Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang.

SP Setia said performance for the new financial year is expected to be underpinned by existing projects in the Klang Valley, Johor Bahru and Penang.

In addition, the company said the upcoming launch of KL EcoCity, an exciting new integrated green commercial development, was expected to contribute strongly to sales.

By The Star

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