SPSetia ... Apr10

SP SETIA posted Net Profit of RM38.1m for 1QE Jan 31, 2010, up 22.5% from the RM31.1m same quarter a year ago. The Company's EXCHANGE filing Mar 18, 2010 said that Revenue rose almost at the same pace of its earnings, up 22.5% to RM363.8m from RM297.0m. EPS was 3.76 sen versus 3.07 sen.

As a result of the better peformance, the Company raised sales target by 25% to RM2 bil for current financial year.

The Company said in its statement that " ....The Group's profit and revenue were mainly derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang ....". SP SETIA said the ongoing projects which contributed to the Group's profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru and Setia Pearl Island in Penang.

SP SETIA said for 1QE Jan 2010, the Group set a new benchmark, in terms of highest first quarter sales achieved of RM608m � a 16% improvement from its previous high achieved in the first quarter of FY2008 and almost six times the amount recorded a year ago of RM102m.

GROUP SALES FOR 1ST FOUR MONTHS AT RM760M
As at Feb 28, 2010, the Group's sales for the first four months of the financial year totalled RM760. The Group targets to continue strengthening its core landed residential earnings base through sales of existing and new product launches.