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KUALA LUMPUR (Nov 10): S P Setia Bhd expects its revenue to exceed the RM2 billion mark in the fourth quarter ending Dec 31, 2015 (4Q2015), its acting president and CEO, Datuk Khor Chap Jen said.
He said the increase in revenue would be driven by the company's sales coupled with unbilled sales of RM9.9 billion.
The encouraging sales will help sustain the company for a few years amid the challenging economic backdrop, Khor told reporters at the topping out ceremony of Strata Office at KL Eco City yesterday.
He said the property developer's revenue for 3Q2015 rose to RM1.63 billion from RM902.66 million in the same period a year ago, while its pre-tax profit rose to RM406.34 million from RM187.60 million.
S P Setia will have an additional two months -- November and December -- to end its financial year in line with the changes to its financial year-end to Dec 31, 2015 from Oct 31, 2015.
On the financial year 2016 outlook, Khor said despite the challenging property market in the country, the underlying demand for properties is always there.
"It's just getting the right products out there. For S P Setia we have the advantage of brand visibility and depth. It will be challenging, but we expect to do as well as this year or even better," he said.
Located in the mature precinct of Bangsar, Seputeh and Pantai in the capital, the RM7 billion KL Eco City, one of the country's largest integrated mixed-commercial and residential developments, is on track to be completed by 2022.
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