KUALA LUMPUR (Dec 16): SP Setia Bhd expects sales for the financial year ending Oct 31, 2015 (FY15) to be flat or slightly lower at RM4.6 billion, after achieving total sales of RM4.62 billion for FY14.

International sales contributed RM1.8 billion towards the group's total sales, while the domestic segment contributed the remaining RM2.82 billion.

In a statement today, the property developer said it achieved sales of RM922 million for the fourth financial quarter ended Oct 31, 2014 (4QFY14).

The group's total unbilled sales stands at RM11.1 billion, which will be carried forward to FY15.

"We are confident we will be able to achieve the target," said SP Setia acting president and CEO Datuk Voon Tin Yow in the statement.

SP Setia saw its net profit rise marginally by 1.3% to RM131.31 million for 4QFY14 from RM129.64 million a year ago.

Revenue for 4QFY14 increased 27.7% to RM1.23 billion from RM965.68 million a year ago. Earnings per share (EPS) was lower at 5.19 sen compared with 5.27 sen in 4QFY13.

The group said the slower rate of increase in profit compared with the percentage increase in revenue was mainly due to a mismatch between initial expenses incurred and revenue recognition in the UK and Australia as revenue is recognised at a point in time when the construction of the assets are completed and handed over to the customers.

"It was also due to the Goods and Services Tax financial impact of RM6.8 million charged out in the current quarter (4QFY14) which was recognised progressively since 2QFY14," it said.

For the full year (FY14), net profit fell 3% to RM405.68 million from RM418.35 million a year ago. This was despite revenue rising 16.8% to RM3.81 billion from RM3.26 billion.

EPS for FY14 stood at 16.3 sen compared with 17.95 sen in FY13.

SP Setia has also proposed a gross final dividend of 5.7 sen per share and an interim dividend of 4 sen per share, totalling 9.7 sen per share for FY14. This represents a 60.5% pay-out of its full-year net profit.