SP Setia posts stellar Q3 results

PETALING JAYA: SP Setia Bhd’s net profit for the third quarter ended July 31, 2015 rose 2.5 times to RM261.79 million from RM103.32 million a year ago on the back of a strong sales pipeline and timely handover of its maiden Australian property project, Fulton Lane.
The group’s revenue jumped 81% to RM1.63 billion from RM902.66 million in the previous corresponding quarter.
For the nine-month period, net profit more than doubled to RM590.3 million from RM274.37 million, while revenue increased 63% to RM4.19 billion from RM2.58 billion a year ago.
For the current financial period from Nov 1, 2014 to Dec 31, 2015, the group registered its strongest results to date with the completion of Fulton Lane.
The group achieved RM744 million worth of sales during the third quarter of the financial year. As at July 31, the group’s total sales for the first nine months of the current financial year totalled RM2.54 billion.
While sales from local projects registered a slight decline in the third quarter, its international projects posted sales growth of 15.5% compared with the previous quarter.