S P Setia nine-month profit up 9%

KUALA LUMPUR (Sept 14): S P Setia Bhd’s net profit for the nine months ended July 31 rose 8.67% to RM266.79 million on higher revenue recognition.

In a filing with Bursa Malaysia, the developer posted revenue of RM1.76 billion for the period, up 10.24% from RM1.59 billion a year ago.

However, its basic earnings per share for the period dropped slightly to 14.1 sen from 14.62 sen.

The group said ongoing projects which contributed to the profit and revenue include Setia Alam and Setia Eco-Park in Shah Alam and Setia Walk at Pusat Bandar Puchong in Selangor,

Setia Sky Residences in Jalan Tun Razak, Kuala Lumpur, Bukit Indah, Setia Indah, Setia Tropika, Setia Eco Cascadia and Setia Eco Gardens in Johor Baru and Setia Pearl Island, Setia Vista and Setia Greens in Penang.

As at Aug 31, the group’s property sales hit RM3.31 billion, according to the filing.

“This has exceeded the group’s full-year sales for the financial year 2011. Apart from the group’s existing projects, newly launched projects such as Aeropod in Sabah; KL Eco City’s first residential tower; 18 Woodsville, the group’s maiden project in Singapore; and 11 Brook Residences in Penang also contributed to the strong sales performance achieved,” it said.

S P Setia through its 40% owned jointly controlled entity, Battersea Project Holding Co Ltd, recently completed the acquisition of the iconic Battersea Power Station site in Central London.

This article is appeared in The Edge Financial Daily on Sept 14, 2012.