Update SP Setia 2Q profit up 3.6%

by **Cals** Thu 27 Jun 2013, 22:45

[b style="color: rgb(255, 0, 0); font-weight: bold;"] Update[/b] SP Setia 2Q profit up 3.6%

Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com

Thursday, 27 June 2013 18:08

KUALA LUMPUR (June 27): SP SETIA BHD [] recorded a net profit of RM95.8 million for its second quarter ended April 30, 2013 (FY13), 3.6% higher than the RM92.4 million posted in the previous corresponding quarter.

In a filing with Bursa Malaysia today, the group said the increase was mainly due to “the change in product mix, with a larger percentage of profits now contributed by sales of high rise developments as compared to landed PROPERTIES [] in the previous year.”

Revenue was also 15.2% higher at RM711.3 million, compared to revenue of RM617.2 million in 2QFY12.

“This was mainly contributed from higher revenue recognition from residential and commercial properties in the Klang Valley and Johor Bahru as a result of higher overall group sales achieved since FY2012,” said SP Setia in its filing.

The group also achieved RM1.6 billion in sales during 2QFY13, bringing the total group sales for the current financial period to RM4.4 billion.

“This includes the group’s 40% share of the GBP681 million sales achieved by its Battersea Power Station joint-venture project amounting to RM1.3 billion,” it said.

Looking ahead, the group said it was well on track to achieve its RM5.5 billion sales target for the year.

“Over the next few months, the group intends to focus on another equally important aspect of its operations which is to improve and further streamline its quality, service and delivery processes,” said SP Setia.

“This is in order to meet and continually strive to exceed the high expectations of its customers thereby maintaining the brand loyalty necessary to gain further market share and sustain the unabated growth in annual sales which the group has enjoyed over past 7 years,” it added.