KUALA LUMPUR, May 24 — SP Setia Bhd’s shares on Bursa Malaysia went down in the early trading session today after it posted a weaker-than-expected revenue for the first quarter ended March 31, 2022 (Q1 2022) due to supply chain disruptions which also affected margins.

At 11.14am, the counter slipped 4.5 sen to 97.5 sen with 1.34 million shares changing hands.

The group posted a lower net profit of RM67.50 million in Q1 2022 compared with RM75.23 million in Q1 2021, while revenue declined to RM867.10 million from RM1.05 billion previously, mainly due to lower revenue contribution from both Malaysia and Singapore.

In a research note today, Kenanga Research said SP Setia’s Q1 sales of RM670 million were within its RM3.3 billion target for 2022.

“We expect the second half of 2022 would see lumpy earnings for SP Setia from the completion of Australian projects (Sapphire and Uno) and land sale gains,” it said. — Bernama