SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, up 3.8% from RM46.76mil in the previous corresponding period, boosted mainly by property development initiatives in the Klang Valley, Johor Baru and Penang. The group’s construction and wood-based manufacturing activities also contributed to its earnings.

According to the company, revenue increased 19% to RM303.65million from RM255.21million. Earnings per share was 4.81 sen compared with 4.56 sen before.

In the current financial year, SP Setia intends to focus its efforts in transforming itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer.

The developer said that sales for its first integrated commercial project, Setia Walk in Pusat Bandar Puchong has been encouraging, and commenting on its overseas ventures, it said that it intends to launch its first overseas project in Vietnam by July. SP Setia chief executive officer Tan Sri Liew Kee Sin said that it expected sales to see a year-on-year rise of 56% to RM1.8bil.