KUALA LUMPUR (Feb 25): Property Developer S P Setia Bhd was back in the black for its fourth quarter ended Dec 31, 2020 (4QFY20) with a net profit of RM55.49 million, from a net loss of RM263.43 million in the immediate preceding quarter.
In a bourse filing, the group announced that the return to profitability in its latest financial quarter was on account of the absence of an impairment loss of RM336.3 million from its 40%-owned British joint venture (JV) Battersea Project Holdings Co Ltd.
It noted that excluding the share of impairment loss, it would have posted a profit before tax of RM117.2 million in 3QFY20.