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Nikkei Markets

Malaysia's SP Setia 3Q Net Profit Nearly Doubles; Share Up From Joint Entities

By Gho Chee Yuan
Nikkei Markets
KUALA LUMPUR (Nov 09) -- SP Setia, a Malaysian state-controlled property developer, said Thursday its net profit rose nearly 89% in the third quarter driven mainly by higher gains from jointly controlled entities.

Net profit for the three months ended Sep. 30 was 253.22 million ringgit ($60.11 million) compared to 134.07 million ringgit over the same period a year earlier, SP Setia said in an exchange filing. However, revenue fell 33.3% year-on-year to 842.49 million ringgit from 1.26 billion ringgit due to completion of several projects.

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