PETALING JAYA: S P Setia Bhd posted a net profit of RM67.50mil in the first quarter ended March 31, 2022 compared with RM75.23mil in the same period a year ago.

       In a filing with Bursa Malaysia yesterday, the company said revenue declined to RM867.10mil from RM1.05bil previously, mainly due to lower revenue contribution from both Malaysia and Singapore.

       Over the same period, the group secured sales of RM679mil, with local projects contributing RM625mil, or 92% of the total sales.

       The remaining RM54mil or 8%, it said, was contributed by international projects.

       Besides focusing on clearing completed inventories, the group will remain prudent with selected new launches.

       It said it will concentrate on the mid-range landed units in established townships to cater to the demand of owner-occupiers.

       The group is currently anchored by 47 ongoing projects and an effective remaining land bank of 2,857ha with a gross development value of RM121.54bil.

       Unbilled sales, which stand at RM9.84bil, will also provide earnings visibility in the short to mid-term, the company added. — Bernama