SP Setia net profit jumps on property projects

PETALING JAYA: SP Setia Bhd’s earnings rose 62.41% to RM62.03mil for the quarter ended Jan 31 versus a year earlier, on property development activities in the Klang Valley, Johor Baru and Penang.

The company’s revenue climbed 42.59% to RM518.88mil.

SP Setia told Bursa Malaysia that the current period’s proft after-tax was arrived at after expensing approximately RM6mil for employees share options for the scheme launched in May 2009 with a further RM16mil for the cost of financial incentives pursuant to the successful 5/95, Best for the Best and Invest Setiahomes campaigns.

By The Star