SP Setia 2Q net profit up 26%

KUALA LUMPUR: SP Setia Bhd’s net profit for its second quarter ended April 30, 2010 (2QFY10) increased 26.39% to RM51.21 million from RM40.52 million the year earlier on the contribution from sales of residential and commercial properties in the Klang Valley and Johor Bahru.

Its revenue, meanwhile is up 16.2% to RM409 million, from RM352.2 million the previous year.

The developer said the ongoing projects that contributed to the group’s profit and revenue included Setia Alam and Setia Eco-Park at Shah Alam; Setia Walk at Pusat Bandar Puchong; Setia Sky Residences at Jalan Tun Razak; Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru; Setia Pearl Island and Setia Vista in Penang.

“Apart from property development, the group’s construction and wood-based manufacturing activities also contributed to the earnings achieved,” it added in a filing to Bursa Malaysia on Thursday, June 17.

As at May 31, the group’s sales for the first seven months of the financial year totalled RM1.44 billion, with sale and purchase agreements signed. With positive factors that continue to be supportive and conducive for the property market in Malaysia, the developer said that the management is very confident that the group’s FY2010 sales target of RM2 billion is achievable.

Its basic earnings per share was 5.04 sen, up from 3.98 sen the previous year. It declared a dividend of six sen per share less income tax of 25%, which is payable on July 28.