PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, 2008, up 3.8% from RM46.76mil a year ago, boosted by its property development in the Klang Valley, Johor Bahru and Penang. The company said yesterday revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen. Apart from property development, the group’s construction and wood-based manufacturing activities contributed to the 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. “Along with the solid contributions by its established residential developments in the Klang Valley, Johor Bahru and Penang, total sales as at Feb 29, 2008 amounted to RM646mil,” it said, adding this was significantly higher than the RM290mil a year ago. On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July this year.
(The Star 27-3-2008)
