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Thursday, June 21, 2012

S P Setia Q2 earnings slightly higher at RM92.38m

KUALA LUMPUR: S P Setia Bhd's earnings rose marginally by 0.17% to RM92.38mil in the second quarter ended April 30, 2012 compared with RM92.22mil a year ago due to an absence of a one-off gain from the disposal of an investment property.

It said on Thursday its revenue rose 24.2% to RM617.20mil from RM496.75mil. Earnings per share were 4.85 sen compared with 5.55 sen. It declared an interim dividend of 5.0 sen a share.

"The group reported a profit before taxation (PBT) of RM127.9mil for Q2, 2012, which is 8% higher than RM118.3mil reported for Q2, 2011," it said.

S P Setia said for property development, revenue increased by 29%, while the PBT increased by 6%.

"The increase in revenue is mainly contributed from higher revenue recognition from residential and commercial properties in the Klang Valley, Johor Bahru and Penang," it said.

It explained PBT a year ago had included the gain from disposal of an investment property of the group, hence this saw lower increase in PBT during the current quarter as compared to the increase in revenue.

S P Setia said ongoing projects which contributed to the profit and revenue achieved include Setia Alam and Setia Eco-Park at Shah Alam, 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 and Setia Pearl Island, Setia Vista and Setia Greens in Penang

For the first half, its earnings rose 7.8% to RM166.38mil from RM154.26mil. Its revenue rose 9.2% to RM1.108bil from RM1.015bil.

By The Star

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