SP Setia's share price fall 2 sen despite higher profit

PETALING JAYA: SP Setia Bhd’s shares were down by 0.68% or 2 sen to RM2.92 this morning despite achieving a 76.7% jump in earnings for the second quarter ended June 30, 2018.
At 11.04 am, the stock was trading at RM2.92 with 391,100 shares done.
Yesterday, the group reported a 76.7% surge in net profit during the quarter to RM442.74 million from RM250.57 million in the previous corresponding period, underpinned by higher property sales as well as a RM343.8 million one-off provisional fair value gain arising from remeasurement of existing equity stake in Setia Federal Hill Sdn Bhd.
Setia Federal Hill was previously a joint venture and now a wholly owned subsidiary of the group.
SP Setia's revenue for the quarter expanded 6.9% to RM925.97 million from RM866.35 million a year ago. The property developer has proposed to declare an interim dividend of 4 sen per share for the quarter under review.
SP Setia's first-half net profit soared 39% to RM504.23 million from RM362.68 million, but revenue fell 16.5% to RM1.58 billion from RM1.89 billion.