SP Setia”s Q3 pre-tax rises to RM406.34 Million

SP Setia''s Q3 pre-tax rises to RM406.34 Million

KUALA LUMPUR, Sept 10 — SP Setia Bhd’s pre-tax profit for the third quarter (Q3) ended July 31, 2015 rose to RM406.34 million from RM187.60 million in the same period a year ago.

Revenue increased to RM1.63 billion from RM902.66 million previously, the property developer said in a filing to Bursa Malaysia today.

“We attribute the better result to our strong sales pipeline achieved to date and the timely staged handovers of our Fulton Lane project in Australia,” it said.

SP Setia acting President/Chief Executive Officer, Datuk Khor Chap Jen, said the company’s foray into the Australian market has borne well for the group amid the current challenging property market.

“Fulton Lane’s timely handover has helped us register strong revenue and profit recognition while the ‘SP Setia’ brand has begun to register with the Australian market as evident in our two sold-out projects in Melbourne.

“We will continue to seek new ventures in Australia to further expand our portfolios overseas,” he said.

SP Setia has changed its financial year-end to Dec 31, 2015 from Oct 31, 2015.