KUALA LUMPUR (May 24): S P Setia Bhd shares on Bursa Malaysia went down in the early trading session on Tuesday (May 24) after it posted a weaker-than-expected revenue for the first quarter ended March 31, 2022 (1QFY22) due to supply chain disruptions which also affected margins.

At 11.14am, the counter had slipped 4.5 sen to 97.5 sen, with 1.34 million shares changing hands.

The group posted a lower net profit of RM67.5 million for 1QFY22, compared with RM75.23 million for 1QFY21, while revenue declined to RM867.1 million from RM1.05 billion previously, mainly due to lower revenue contributions from both Malaysia and Singapore. 

In a research note on Tuesday, Kenanga Research said S P Setia's 1QFY22 sales of RM670 million were within its RM3.3 billion target for FY22.

“We expect the second half of 2022 to see lumpy earnings for S P Setia from the completion of its Australian projects (Sapphire and Uno) and land sale gains,” the research house added.

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