KUALA LUMPUR (Feb 23): S P Setia Bhd posted net profit of RM424.8 million for the fourth quarter ended Dec 31, 2016 (4QFY16), bringing its total bottomline in FY16 to RM808.03 million. In a filing to Bursa Malaysia today, S P Setia said its property development division achieved profit before tax (PBT) of RM594.77 million and revenue of RM1.63 billion in 4QFY16. The group said its total FY16 sales stood at RM3.82 billion, surpassing its revised sales target of RM3.5 billion. Moving forward, S P Setia has set a sales target of RM4 billion in FY17, approximately 77% of which is expected to come from local projects. S P Setia closed this morning's session 1 sen or 0.29% higher at RM3.40 for a market value of RM9.7 billion.

Source: The Edge Markets February 23, 2017 06:28 UTC