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PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, up 3.8% from RM46.76mil in the previous corresponding period, boosted by its property development in the Klang Valley, Johor Baru and Penang. In a statement to Bursa Malaysia yesterday, the company said revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen before. Apart from property development, the group’s construction and wood-based manufacturing activities contributed to its earnings. SP Setia said its focus for the current financial year was to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer. Commenting on its first integrated commercial project, Setia Walk in Pusat Bandar Puchong, the company said sales had been encouraging. On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July. Meanwhile, Reuters reported that SP Setia expects to double 2007 earnings within four years and predicts that its Vietnamese business will turn a profit by 2009.(The Star 28-3-2008)
