Posted on 21 June 2012 - 07:21pm
Last updated on 22 June 2012 - 11:43am
Last updated on 22 June 2012 - 11:43am
PETALING JAYA (June 22, 2012): S P Setia Bhd is on track to achieve the RM4 billion sales target set for its financial year ending Oct 31, 2012 (FY12), as sales for its first seven months has reached RM2.14 billion.
Its president and CEO Tan Sri Liew Kee Sin said the group's existing projects in the Klang Valley, Johor Baru and Penang would continue to be the main contributors.
"We are aiming to achieve sales of approximately RM3.4 billion from our Malaysian projects with our overseas projects giving us another RM600 million to RM700 million in FY12," Liew said in a statement yesterday.
He said its Setia Alam and Setia Eco Park flagship projects can together easily sustain annual sales of RM1 billion for at least the next seven years.
Its iconic KL Eco City in Bangsar, which has a total gross development value (GDV) of more than RM6 billion, is expected to contribute RM1 billion in sales this year.
In an announcement to Bursa Malaysia, the company said net profit for the second quarter ended April 30, 2012 was flat at RM92.38 million despite a 24.2% rise in revenue to RM617.2 million from RM496.75 million.
Earnings per share were 4.85 sen compared with 5.55 sen previously.
The group recorded sales of RM877 million in the second quarter, bringing total sales for the six months to RM1.81 billion, representing a 29% jump over the RM1.41 billion achieved in the first half of FY11.
For the first half of the current financial year, S P Setia recorded a net profit of RM166.39 million, up 7.86% from RM154.26 million in the same period last year. Revenue increased to RM1.1 billion from RM1.02 billion.
With so many exciting plans in place, Liew said the group is confident of bright prospects for this year and the years ahead.
He said the present uncertain global economy has also presented some outstanding opportunities for the group whose management has been actively pursuing other opportunities in line with its ambitions to be an international property developer.
