KUALA LUMPUR: SP Setia Bhd is confident of meeting its original sales target of RM1.8bil for its financial year ending Oct 31, 2008 (FY2008). The company said on Tuesday that the group’s sales for the first four months of FY2008 amounted to RM646mil, which was significantly higher than the RM290mil recorded in the corresponding period in FY2007. ” The company had earlier alluded to a lower sales target of RM1.5 billion in the immediate aftermath of the general election on the assumption of a worst case scenario in the event of delays in the formation of local councils during the transitional period,” it said. SP Setia said given the company’s FY ending on Oct 31, a delay of one to two months would have resulted in a timing difference of sales being made in FY2009 instead of FY2008. The share price fell 24 sen to RM3.20 as 3.08pm today, but off its low of RM3.12 in intra-day on investors’ concerns about its lower revenue forecast.
(The Star 18-3-2008)
