Khamis, 12 Disember 2013

The Star Online: Business

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The Star Online: Business

S P Setia FY13 earnings up 6.1% to RM417.8m, total sales RM8.24b (Update)


KUALA LUMPUR: S P Setia Bhd's earnings rose 6.1% to RM417.85mil in the financial year ended Oct 31, 2013 from RM393.81mil a year ago while its total sales almost doubled to RM8.241bil.

It said on Thursday its FY13 revenue increased by 21.1% to RM3.06bil from RM2.526bil. It proposed a dividend of seven sen a share.

S P Setia's earnings in the fourth quarter ended Oct 31, 2013 (Q4, 2013) were slightly higher at RM127.29mil from RM127.02mil a year ago. Its revenue increased by 17.8% to RM900.17mil from RM763.62mil. Earnings per share were 5.18 sen compared with 6.34 sen.

Sales from international projects stood at RM3.245bil while Malaysian projects contributed RM4.996bil.

"Coupled with solid execution and tremendous support from our own customer base, this has enabled SP Setia to garner high brand acceptance speedily in London, Australia and Singapore, which augurs well for our future international ventures," said president and CEO Tan Sri Liew Kee Sin.

He added sales performance in 2013 had increased total unbilled sales to be carried forward to 2014 to RM9.643bil, which would contribute strongly to the group's earnings over the next few financial years.

"For FY2013, the group achieved total sales of RM8.241bil, which is almost double the sales achieved last year of RM4.234bil and 50% above its sales target of RM5.5bil," it said.

On the FY13 financial results, S P Setia said despite the higher revenue, the profit before tax only rose by 1% (3% increase in profit before tax before expensing employees' long-term incentive plan).

It said one reason was the change in product mix, with a larger percentage of profits now contributed by sales of high rise developments as compared to landed properties in the previous year.

Other factors were higher interest expenses charged to profit and loss account to partially fund the group's increased portfolio of overseas investments; and a mismatch between initial expenses incurred and income recognition due to the launch of several sizeable new projects both in Malaysia and overseas.

"These include Eco Sanctuary in Singapore, Battersea Power Station in the United Kingdom, Parque Melbourne in Australia and Setia Eco Glades and Setia Ecohill in the Klang Valley. The outstanding sales achieved by all these new projects will however contribute strongly to earnings in the years ahead," it said.

Malaysian projects contributed RM4.996bil to FY2013 sales which was 41% higher than last year.  Klang Valley sales saw the highest growth with RM2.84bil recorded versus RM1.85bill secured in FY2012. 

S P Setia's projects in Johor Bahru recorded RM1.6bil in sales, which was 18% higher than last year.

It attributed this solid growth from an already high base is largely due to the market leadership of the Setia brand down south as well as the positive interest in Iskandar projects prevailing during the year.

In Penang and East Malaysia, it recorded sales of RM463mil and RM90mil respectively.

Mitrajaya Bhd bags RM427mil Putrajaya job


KUALA LUMPUR: Mitrajaya Holdings Bhd has bagged a RM427.94mil job from Putrajaya Holdings Sdn Bhd to build three blocks of office building in Putrajaya.

In a statement to Bursa Malaysia on Thursday, the group said the contract, secured via its unit Pembinaan Mitrajaya Sdn Bhd is for a duration of 36 months and is expected to be completed by Dec 25, 2016.

The group will undertake the construction of three blocks of office towers, seven levels of podium, one level sub-basement, one level basement and external works for Suruhanjaya Pencegahan Rasuah Malaysia.

"The contract is expected to contribute positively to MHB group's future earnings," it said.

George Kent Bhd 3Q profit up 54% to RM7mil


KUALA LUMPUR: George Kent (Malaysia) Bhd's third quarter ended Oct 2013 net profit rose 54.5% to RM7.07mil from RM4.57mil a year ago from profits from its manufacturing, trading and construction segment.

In a filing to Bursa Malaysia on Thursday, the group said its revenue for the period rose 24.4% to RM71.85mil from RM57.72mil a year ago while earnings per share rose to 3.10 sen from 2.0 sen previously.

The group has also declared a 1.5 sen dividend.

For its year-to-date, its profit rose 17.3% to RM17.72mil from RM15.1mil a year ago while revenue was up 55.2% to RM239.49mil from RM154.24mil a year ago.

The company said for its manufacturing and trading segment, its profit was 159% higher at RM6.37mil from RM2.46mil a year ago due to higher gross profit margin from export sales.

For its construction segment, it posted a RM4.22mil profit from RM3.76mil a year ago due to higher contract revenue from projects.

Moving forward, the group expects its construction revenue to be higher.

"The Ampang LRT Extension Project is expected to continue to contribute positively to the earnings of the group," it said.


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