KUALA LUMPUR, March 19 — Honda Malaysia estimates to sell 95,000 vehicles for 2019, down 7.11 per cent from the 102,282 units achieved in 2018 as it expects tougher competition this year. Group vice-president Jahabarnisa Haja Mohideen said last…
KUALA LUMPUR, March 17 — George Ang, the man behind Inter Mark Resources Sdn Bhd (IMRSB) which acquired A&W Malaysia Sdn Bhd from KUB Malaysia Bhd (KUB) last September, vows to make the oldest fast food chain in the country, great again….
KUALA LUMPUR, March 13 — Large-scale agricultural enterprises are urged to form synergies with small entrepreneurs to open up more opportunities for small businesses to succeed. Agriculture and Agro-based Industry Minister Datuk Salahuddin Ayub…
KUALA LUMPUR, Feb 27 — Sime Darby Property Bhd fell into a net loss of RM318.70 million for six-month financial period ended Dec 31, 2018 (FY18), from a net profit of RM559.77 million recorded in 2017. The company, which has changed its financial…
PETALING JAYA: SP Setia Bhd’s net profit for the fourth quarter ended Dec 31, 2018 (Q4 FY18) fell 63.21% to RM101.55 million from RM276.03 million a year ago while revenue fell 23.41% to RM1.02 billion from RM1.33 billion a year ago.
In a filing with Bursa Malaysia, the group said that the lower profit and revenue was due to higher volume of development phases completed and handed over in Q4 FY17 as well as profit recognition on the completion of Phase 1 of Battersea Power Station.
“Projects in the UK and Australia have to adhere to the completion method of accounting for revenue recognition, hence the completion of such projects will normally have material upside impact on the group’s profit,” it said.
For the financial year ended Dec 31, 2018 (FY18), net profit fell 32.48% to RM670.96 million from RM993.70 million a year ago while revenue fell 16.19% to RM3.59 billion from RM4.29 billion a year ago.
Despite the lower profit and revenue, the group declared a final dividend of 4.55 sen per share, bringing the total dividend payout to 8.55 sen, representing a payout ratio of 70.1% for FY18.
In respect to the Islamic Redeemable Convertible Preference Shares A and Islamic Redeemable Convertible Preference Shares B, the group also declared a preferential dividend of 6.49% per annum and 5.93% per annum respectively for the financial period from July 1, 2018 till Dec 31, 2018.
In FY18, SP Setia achieved RM5.12 billion sales, surpassing its target of RM5 billion. Local projects contributed RM4.12 billion or 80% of sales while international projects contributed RM1 billion or 20% of sales.
In terms of local projects, sales secured were largely from the central region with RM3.11 billion while the southern region contributed RM805.1 million. The northern and eastern regions contributed a combined RM206.6 million of sales.
In terms of international projects, UNO Melbourne contributed RM653.6 million of sales while Sapphire by the Gardens contributed RM65.5 million of sales.
On Dec 14, 2018, the group achieved a significant milestone with Battersea Phase 2 Holding Company Limited signing a sale and purchase agreement with PNB-Kwasa International 2 Limited (JVCo), a joint venture company formed by Permodalan Nasional Bhd (PNB) and the Employees Provident Fund Board (EPF) to undertake the acquisition of the commercial assets in Phase 2 of Battersea Power Station development for a base consideration of £1.58 billion (about RM8.33 billion).
As SP Setia owns 40% stake in Battersea Phase 2 Holding Company Limited, it will be able to recognise £630 million (RM3.33 billion) sales from this transaction. If this sale is taken into consideration, it would bump up SP Setia’s total sales to RM8.45 billion for FY18.
For FY19, the group plans to launch RM6.80 billion worth of properties, comprising RM6.66 billion local launches including new projects from I&P land banks, and new phases in Eco Lakes and Eco Xuan in Vietnam amounting to RM139 million.
The group has set a sales target of RM5.65 billion for FY19, of which it expects 89% to be derived from local projects. As at Dec 31, 2018, it has unbilled sales of RM12.32 billion, 45 ongoing projects and effective remaining land banks of 9,516 acres with a gross development value of RM149.70 billion.
PETALING JAYA: UEM Sunrise Bhd registered a net profit of RM20.08 million for the fourth quarter ended Dec 31, 2018 compared with a net loss of RM50.95 million a year ago in line with higher revenue, lower operating expenditure and favourable share of associates and joint ventures.
In a filing with Bursa Malaysia, the group said that the operating loss recorded a year ago was due to higher operational expenditure including the marketing and promotional expenses incurred for new launches, Mayfair and Solaris Parq during the third quarter last year.
Revenue for the quarter more than doubled to RM752.79 million from RM303.29 million a year ago thanks to the partial settlement of Conservatory and Aurora Melbourne Central, and completion of Kimlun land disposal.
The contribution from international revenue cushioned the impact of lower revenue from domestic projects derived from Residensi Astrea, Kiara Kasih and Solaris Parq in the central region as well as Serimbun and Aspira Park Homes in the southern region that are still at early stages of its development cycle.
For the financial year ended Dec 31, 2018 (FY18), UEM Sunrise’s net profit more than doubled to RM280.33 million from RM105.57 million a year ago on the back of strong revenue growth, development cost savings and contribution from non-strategic asset divestment.
Meanwhile, revenue for the year rose 9.9% to RM2.04 billion from RM1.86 billion a year ago.
Property development activities accounted for 70% of the group’s total revenue, with 46% from international projects, 30% from southern region and 24% from central region.
The group also recognised land disposal amounting to RM457.4 million and unbilled sales stood at RM4.4 billion as at Dec 31, 2018.
UEM Sunrise raked in RM1.43 billion worth of property sales last year, exceeding its RM1.2 billion sales target. Most of the sales were from domestic projects with 14% from projects in Melbourne. The group launched projects with total gross development value (GDV) of RM907.9 million last year.
Managing director and CEO Anwar Syahrin Abdul Ajib said the group aims to launch projects with a total GDV of RM1.2 billion this year, focusing on mid-market and reasonably sized pocket launches in mature locations. Its sales target for the year is RM1.2 billion.
It started the year with the launch of Aspira ParkHomes, 162 units of mid-market double-storey homes with GDV of RM101.8 million in Gerbang Nusajaya with further phase planned in the second half of the year.
He said asset divestment will remain one of its key strategies, with land disposal totaling RM457.4 million undertaken in Iskandar Puteri. It has earmarked several non-strategic assets for divestment this year amounting to RM300 million.
KUALA LUMPUR: Global beauty company, AmorePacific Malaysia Sdn Bhd targets its sales and profit to grow by 20 per cent this year, bolstered by expanding brands portfolio and sales channels, as well as extensive marketing plans. AmorePacific Malaysia general manager, Margaret Chin said the company, a wholly-owned unit of AmorePacific Corp based in South Korea, […]
PETALING JAYA, Feb 11 — Strong values of teamwork and collaboration will be the push needed for LBS Bina Group Berhad (LBS) in achieving their target of at least RM1.5 billion in sales in 2019. Despite enduring tough times in 2018, LBS group…
After years of tepid development, Malaysia’s automotive industry has finally shifted into high gear with the launch of new vehicles under local brands and improved total industry volume, driven by heightened demand and a recovery in consumer sentiments. The automotive industry, while small, contributes about RM40 billion or four per cent to Malaysia’s gross domestic […]
TOKYO, Feb 1 — Sony said today its nine-month net profit jumped 63.2 per cent from the previous year, led by its games and music divisions. The electronics and entertainment giant lowered its annual sales forecast but raised its annual net profit…