SP Se­tia brings for­ward mid-priced launches to tide it over

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: SP Se­tia Bhd, which is de­lay­ing its apart­ment launches and bring­ing for­ward launches of more mid­priced land prop­er­ties and re­tail shop lots in a nod to the chal­leng­ing en­vi­ron­ment ahead, re­ported a net profit of RM134.07 mil­lion for three months ended Sept 30, 2016.

The re­sults were driven by its on­go­ing prop­erty projects. Rev­enue for the quar­ter un­der re­view came in at RM1.26 bil­lion.

In a fil­ing with Bursa Malaysia, the prop­erty de­vel­oper said it achieved RM2.4 bil­lion in sales for 10 months ended Oct 31, re­flect­ing an in­creased de­mand for the group’s projects in the sec­ond half of FY16.

The third quar­ter alone con­trib­uted RM943 mil­lion of sales, the group’s strong­est quar­ter for FY16.

SP Se­tia said the sales are mainly in line with ex­pec­ta­tion and it fore­sees a con­tin­u­ing trend for the re­main­ing months of 2016.

The group said it re­mains re­silient with its di­ver­si­fied range of new launches, rang­ing from af­ford­able to up mar­ket and landed prop­er­ties to con­do­mini­ums.

SP Se­tia be­lieves the group’s prospects go­ing for­ward re­main pos­i­tive with to­tal un­billed sales of RM8.39 bil­lion, an­chored by 31 on­go­ing projects and an ef­fec­tive re­main­ing land bank of 3,595 acres with a gross devel­op­ment value of RM70.65 bil­lion as of Sept 30, 2016.

Its nine-month net profit stood at RM383.24 mil­lion with RM3.19 bil­lion in rev­enue.

In 2015, SP Se­tia changed its fi­nan­cial year end from Oct 31 to Dec 31, hence the 2015 quar­terly re­sults have not been in­cluded as com­par­a­tive fig­ures.

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