SP Setia first quarter profit down

Posted on | March 20, 2009

By THE STAR

PETALING JAYA: SP Setia Bhd posted a net profit of RM31.2mil for its first quarter ended Jan 31, down RM17mil from a year earlier due to slow property sales.

The property group also posted lower revenue at RM259.9mil, against RM303.7mil in the previous corresponding period.

“Given the ongoing global financial turmoil and its adverse effects on the domestic economy, it is evident that 2009 will be an extremely challenging year,” it said in an announcement to Bursa Malaysia.

“While the group is still relatively well placed due to its strong financial postion with RM572mil cash and a net gearing of only 0.19 as at Jan 31, this is not something we can take for granted.”

SP Setia said it would focus on cash conservation and cash generation to ride out the economic slowdown.

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