SP Setia starts FY15 on strong footing as earnings, sales climb

By THE STAR

KUALA LUMPUR: Property developer S P Setia earnings rose 4.5% to RM101.31mil in its first quarter ended Jan 31, 2015 from RM96.77mil a year ago and recorded sales of RM1bil during the quarter.

It said on Wednesday its high unbilled sales of RM11.5bil has placed the group in a very solid position to perform well in the current financial year ending Oct 31, 2015.

SP Setia’s revenue increased by 28.3% to RM926.01mil from RM721.56mil. Its pre-tax profit rose 4.7% to RM118.30mil from RM147.16mil. Earnings per share were 3.99 sen compared with 3.94 sen.

It said as at Feb 28, total group sales for the first four months of the current financial year totalled RM1.2bil. It added 40% share of the sales from the global launch of Battersea Power Station Phase 3A of RM658mil in London was recognised in this quarter.

“The total sales from the group’s 40% share of Battersea Power Station project stands at RM77mil,” it said.

SP Setia said group sales as Feb 28 pushed total unbilled billings to RM11.5bil, which would contribute strongly to the group’s earnings over the next few financial years.

Ongoing projects which contributed to the profit and revenue achieved included Setia Alam and Setia Eco-Park in Shah Alam, Setia Ecohill in Semenyih, Setia Eco Glades in Cyberjaya, Setia Sky Residences at Jalan Tun Razak, KL Eco City at Jalan Bangsar.

The others were Aeropod in Kota Kinabalu, Bukit Indah, Setia Indah, Setia Tropika, Setia Eco Cascadia, Setia Business Park II, Setia Eco Gardens and Setia Sky 88 in Johor Bahru, Setia Pearl Island, Setia Vista, Setia V Residences in Penang and 18 Woodsville and Eco Sanctuary in Singapore.

SP Setia acting president and CEO Datuk Khor Chap Jen said for the current financial year, “we will be focusing on the delivery of our projects and launches of mid-range homes to meet the current demand”.

Khor said the group’s mid-priced range products particularly in Klang Valley were doing very well, based on strong bookings from its recent launches of Caffra, three-storey terrace houses and Serrata, three-storey semi-detached homes at Setia Alam’s Precinct 11‏ which saw a 100% and 95% take up rate respectively on the first day of launch.

– Malaysia Real Estate News

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