S P Setia up 3.94% after surge in 3Q net profit

KUALA LUMPUR (Nov 10): S P Setia Bhd shares rose 3.94% this morning after the company yesterday announced an 88.9% surge in its net profit for third quarter ended Sept 30, 2017 at RM253.22 million, from RM134.07 million in the corresponding quarter a year ago, riding on the completion of phase 1 of its Battersea Power Station project in the UK.

At 9.23am, S P Setia was up 13 sen to RM3.43 with 440,000 shares done.

Quarterly revenue, meanwhile, shrank 33.3% to RM842.49 million, from RM1.26 billion last year, due to less overall recognition from its Malaysian operation as projects were completed and handed over in the previous quarter.

Earnings per share rose to 7.11 sen from 4.88 sen a year ago. — theedgemarkets.com

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