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KUALA LUMPUR (Nov 14): S P Setia Bhd saw its net profit plunge by 81.32% in its the third quarter ended Sept 30, 2018 to RM65.19 million from RM348.89 million a year ago.

"The corresponding quarter in FY17 had a significant profit contribution from the completion of Phase 1 of the Battersea Power Station," S P Setia explained in a stock exchange filing today.

Earnings per share slid to 1.67 sen from 9.1 sen previously.

Quarterly revenue declined 6.13% to RM993 million from RM1.06 billion a year ago.

For the nine months ended Sept 30, 2018, the property developer saw net profit shrink 19.98% to RM569.41 million from RM711.57 million.

Revenue over the same period also fell, dropping 12.75% to RM2.57 billion from RM2.95 billion in the previous year's corresponding period.

S P Setia said it had secured sales of RM3.21 billion during the nine-month period.

"The sale of commercial assets of Battersea Power Station — Phase 2 to Permodalan Nasional Bhd and Employees Provident Fund Board, is anticipated to be finalised imminently.

"The said transaction will enable more efficient application of equity in the project," S P Setia said, adding that the negotiations are making good progress.

Going forward, the group said it would focus its launches more on the local market with mid-range landed properties in the Klang Valley and Johor Bahru.

Shares in S P Setia climbed 1 sen or 0.5% today to close at RM2.01, leaving the group with a RM7.95 billion market capitalisation. theedgemarkets.com

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