SP Setia Q1 profit 4.7% higher to RM101.3mil

PETALING JAYA: SP Setia Bhd, the property developer controlled by Permodalan Nasional Bhd, said net profit in the first quarter ended Jan 31 climbed 4.7% to RM101.3mil from RM96.8mil made a year ago.

Revenue from property development activities increased by 22%, the company said, but margins were affected by higher selling and marketing cost incurred for the global launch of the group’s Battersea Power Station Phase 3A in London.