KUALA LUMPUR, Aug 18 -- SP Setia Bhd swung back to profit in the first half of the year ended June 30, recording a net profit of RM150 million against a loss of RM110 million in the same period a year ago.
Revenue rose to RM2.14 billion from RM1.03 billion previously, the group said in a filing to Bursa Malaysia today.
President and chief executive officer Datuk Khor Chap Jen said the results achieved for the first half of the year were largely attributed to the strong sales performance for the first five months of the financial year on the back of a generally upbeat local market sentiment early this year.
"However, the onset of the Full Movement Control Order (FMCO) in June 2021 had slowed down the conversion of bookings into confirmed sales,” he said in a statement. "Nevertheless, we are heartened to see that bookings received as of June 30 stood at RM954 million.”
He noted that the total gross development value (GDV) of RM687 million of landed properties comprising mostly affordable double-storey terraces and semi-detached homes were launched during this period with high take-up rates seen, especially in established and matured townships.
Setia Alam and Bandar Kinrara’s bookings hovered above 90 per cent during the launches, he revealed.
For the second half of this year, the group will be offering new developments worth RM2.47 billion in its various townships, including Setia Alam, Setia Ecohill 2, Setia Eco Park, and Setia Eco Glades.
Khor said overall, the group remains positive on the market outlook and will continue to focus on achieving a sales target of RM3.8 billion.
He added that the group was optimistic yet cautious on the expectation of strong pent-up demand from home buyers going forward.
As of June 30, 2021, the group has 47 ongoing projects with an effective remaining landbank of 7,483 acres valued at a GDV of RM125.1 billion and total unbilled sales of RM10.3 billion, which will tide the group over for the next two years.
-- BERNAMA
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