SP Setia posts pre-tax profit of RM1.18 bln

For the fourth quarter, pre-tax profit stood at RM527.23 million and revenue at RM1.77 billion.

SP Setia said there are no comparison figures as it had changed the financial year ended to Dec 31 from Oct 31.

It attributed the revenue and pre-tax profit achievement to several ongoing projects in Malaysia, as well as the Eco Sanctuary in Singapore, Battersea Power Station in London and Parque Melbourne in Australia.

"Revenue from other operations were mainly contributed by wood-based manufacturing, trading activities and operation of the retail mall and Setia City Convention Centre," it said.

SP Setia said the group achieved total sales of RM3.82 billion for the financial year ended Dec 31, 2016, which had significantly exceeded its revised sales target of RM3.50 billion.

Local projects contributed RM3.50 billion, which represented about 92 per cent of total sales, while the international projects contributed RM321.5 million or the remaining eight per cent.

Going forward, on the international front, the group plans to launch two projects in Australia, namely at Prahran and Exhibition Street in Melbourne.

In Malaysia, the group targets to roll out more mid-priced landed properties and affordable housing, where demand for these staple products at established townships have proven to be strong.