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S P Setia pre-tax profit rises to RM115.82 mil

KUALA LUMPUR: S P Setia's pre-tax profit for the third quarter ended July 31, 2011 rose to RM115.82 million from RM106.24 million in the same quarter last year.

Revenue rose to RM583.47 million from RM414.9 million recorded last year, the company said in a filing to Bursa Malaysia on Sept 22. The higher profit wae derived from its property development in Klang Valley,Johor Baru and Penang, it said.

Its construction and wood-based manufacturing also contributed to the profit. The group is highly confident that they will meet its financial year 2012 sales target of RM3 billion.

Recently, the group acquired a 1,011 acre land in Mukim Beranang, which will enable the group to venture into a new and growing development corridor, thereby further extending its core business and township development.

Despite the anticipated "head-winds" stemming from the slowdown in the global economy, the group remains positive about the fundamental prospects of the Malaysian property market. -Bernama

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