• 1Q10 net profit of RM38m was broadly in-line, making-up 19% of street’s FY10E net profit of RM198m and 18% of our estimate of RM208m. Typically, SP Setia (SP) 1Qs and 1Hs are seasonally weaker while 2H makes up 53%-55% of full year net profit.

SHANGHAI: M Square Mall in Shanghai’s Yuyuan Garden business area is scheduled for opening before the World Expo 2010 Shanghai on May 1, hexun.com reported.

Below expectation

1QFY10 results came in below expectations. Net profit only achieved 18.9% and 19.3% of house and consensus full year estimates due to seasonally slower construction progress in 1QFY10, and lower thanmexpected margin. As expected, no dividends were declared for the quarter.

KUALA LUMPUR: Malaysian builder Sunway Holdings expects record profits in fiscal 2010 as it plans to tender for jobs worth up to RM16 billion (US$4.84 billion) globally, a top executive was quoted saying by Reuters.

NEW YORK: The number of slum dwellers has increased by 55 million in the last 10 years to a total of 827.6 million this year, according to UN-Habitat's annual report.

KUALA LUMPUR: JAKS Resources Bhd will take the lead in the joint venture in completing the Paya Peda Dam in Besut, Terengganu for a contract sum of RM333 million.

KUALA LUMPUR: Berjaya Retail Bhd (BRetail) will be listed either in June or July, says Berjaya Group chairman and chief executive officer Tan Sri Vincent Tan Chee Yioun.

The listing of BRetail will raise RM50 million from exercise and it will be used for expansion, he said on Thursday, March 18.

KUALA LUMPUR: S P Setia Bhd posted net profit of RM38.19 million in the first quarter ended Jan 31, 2010, up 22.5% from the RM31.17 million a year ago and this saw the property developer raising the group's sales target by 25% to RM2 billion for the current fiscal year.

PETALING JAYA: Property developer Blackstone Seven Sdn Bhd, a subsidiary of Allstones Group Asia, has launched its latest project -- the Taragon Kelana Commercial Centre (pictured) in Kelana Jaya.