News & Articles Almost RM10b unbilled sales for SP Setia
Almost RM10b unbilled sales for SP Setia
9 Nov 2015
KUALA LUMPUR, Nov 9, 2015:
SP Setia Bhd expects its revenue to exceed the RM2 billion mark in the fourth quarter ending Dec 31, 2015, said acting president and chief executive officer Datuk Khor Chap Jen.
He said the increase in revenue would be driven by the company’s sales coupled with unbilled sales of RM9.9 billion.
The encouraging sales will help sustain the company for a few years amid the challenging economic backdrop, Khor said at the topping out ceremony of Strata Office at the KL Eco City, here today.
He said the property developer’s revenue for the third quarter ended July 31, 2015 rose to RM1.63 billion from RM902.66 million in the same period a year ago, while its pretax profit rose to RM406.34 million from RM187.60 million.
SP Setia will have an additional two months – November and December – to end its financial year in line with the changes to its financial year-end to Dec 31, 2015 from Oct 31, 2015.
On the financial year 2016 outlook, Khor said despite the challenging property market in the country, the underlying demand for properties is always there.
“It’s just getting the right products out there. For SP Setia we have the advantage of brand visibility and depth. It will be challenging, but we expect to do as well as this year or even better.”
Located in the mature precinct of Bangsar, Seputeh and Pantai in the capital, the RM7 billion KL Eco City, one of the country’s largest integrated mixed-commercial and residential developments, is on track to complete by 2022.
SP Setia Bhd expects its revenue to exceed the RM2 billion mark in the fourth quarter ending Dec 31, 2015, said acting president and chief executive officer Datuk Khor Chap Jen.
He said the increase in revenue would be driven by the company’s sales coupled with unbilled sales of RM9.9 billion.
The encouraging sales will help sustain the company for a few years amid the challenging economic backdrop, Khor said at the topping out ceremony of Strata Office at the KL Eco City, here today.
He said the property developer’s revenue for the third quarter ended July 31, 2015 rose to RM1.63 billion from RM902.66 million in the same period a year ago, while its pretax profit rose to RM406.34 million from RM187.60 million.
SP Setia will have an additional two months – November and December – to end its financial year in line with the changes to its financial year-end to Dec 31, 2015 from Oct 31, 2015.
On the financial year 2016 outlook, Khor said despite the challenging property market in the country, the underlying demand for properties is always there.
“It’s just getting the right products out there. For SP Setia we have the advantage of brand visibility and depth. It will be challenging, but we expect to do as well as this year or even better.”
Located in the mature precinct of Bangsar, Seputeh and Pantai in the capital, the RM7 billion KL Eco City, one of the country’s largest integrated mixed-commercial and residential developments, is on track to complete by 2022.
Source: therakyatpost.com