SP Setia Bhd pre-tax profit soars to RM1.12 billion

SP Setia Bhd pre-tax profit soars to RM1.12 billion

KUALA LUMPUR, Dec 10 — SP Setia Bhd’s pre-tax profit surged to RM1.12 billion for the 12-month period ended Oct 31, 2015 from RM722.44 million in the same period a year ago.

Revenue jumped to RM5.61 billion from RM3.81 billion previously.

In a statement today, the property developer attributed the better performance to higher revenue and profit recognised from the development of its strong sales pipeline with local projects contributing 64 per cent to total sales.

It also attributed the strong results to the timely staged handovers of its Fulton Lane project in Australia.

Acting President and Chief Executive Officer, Datuk Khor Chap Jen, was confident that the company was on track to achieve its RM4 billion sales target by December 2015.

For the fourth quarter, SP Setia recorded a lower pre-tax profit of RM217.94 million on the back of higher revenue of RM1.41 billion.

“As of October 2015, total group’s sales for the 12-month period from Nov 1, 2014 to Oct 31, 2015 totalled RM3.45 billion. The group has an additional two months to end its current financial year,” it said.

On prospects, SP Setia is confident that it will continue to perform well given its strong unbilled sales of RM9.5 billion.

As at Oct 31, 2015, the group has 27 ongoing projects, with an effective stake of 1,592.84 hectares in undeveloped landbank remaining and RM69.07 billion in gross development value.