Within expectations. SP Setia recorded 1QFY10/10 net profit of RM38.2m (+22.5% yoy), or 19-20% of our full-year forecast and the fullyear market consensus. We consider the results within expectations as we expect a stronger 2HFY10/10 performance. Sequentially, normalised net profit (after excluded RM8m net gain arising from the land disposal to Greehill Resources S/B in 4QFY10/09) was down by 22% due to:
a) seasonal factors; and
b) higher interest cost due to the “5/95” campaign.
SP Setia Berhad : Expects Stronger Performance In 2H10 - 19/03/2010
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