PETALING JAYA: Property developer SP Setia Bhd posted a 153% jump in net profit to RM261.79mil for the third quarter ended July 31, compared with the same period a year earlier on improved sales performance and its Fulton Lane, Melbourne project in Australia.

Revenue for the quarter under review rose 81.11% to RM1.63bil.

Acting president and chief executive offier Datuk Khor Chap Jen said in a statement that the foray into the Australian market had borne well despite the current challenging property market.

He said the company would continue to look for suitable property ventures in Australia.

“Fulton Lane’s timely handover has helped the company to register strong revenue and profit recognition while the SP Setia brand has begun to register with the Australian market as evident in our two sold out projects in Melbourne,” Khor said.

Overseas projects posted a sales growth of 15.5% from the previous quarter.

“Sales from the Battersea Power Station project and projects in Singapore recorded an improvement of 7.7% and 65% which translates to an increase of RM111mil and RM53mil respectively, and local projects’ sales of RM573mil contributed significantly to overall sales during the quarter,” Khor said.

He noted that this year had not been an easy year for Malaysian developers given the cooling measures imposed by the Government and increasingly cautious financing environment adopted by banks.

However, Khor remained positive of the adaptation of the company’s product launches to meet the demand for mid-priced range and affordable homes within its own matured townships.