CEO Voon resigns from SP Setia
Sep 18, 2014
After serving SP Setia for nearly 20 years, Datuk Voon Tin Yow has resigned as the group’s acting president and chief executive officer (CEO), with effect on 1 January 2015.
Notably, Voon took on the position as the group’s CEO from May this year, after its founder, Tan Sri Liew Kee Sin left the company on 30 April.
“Having served for almost two decades, it is time for me to step down to pursue my own interests…I am happy that S P Setia is currently strong and stable; and I believe the team spirit in the company will persevere during this period of transition,” said Voon in a statement.
The company revealed that Voon will be replaced by its acting deputy president and chief operating officer Datuk Khor Chap Jen from 1 January 2015, while executive vice-president Datuk Wong Tuck Wai will take on the post left vacant by Khor.
Meanwhile, the company announced its third quarter ended 31 July financial results, which witnessed its revenue climb 12 percent to RM902.66 million from last year.
The group’s net profit marginally increased by two percent to RM103.32 million compared with the previous corresponding quarter.
S P Setia attributed the better financial performance to improved profit contribution from completed parcels as well as to higher overall group sales recorded since financial year 2012.
“The group achieved RM1.42 billion sales during the third quarter, up from the previous quarter’s sales of RM715 million,” it said.
Specifically, the group’s 40 percent stake in the Battersea Power Station project translated to sales of RM735 million compared to the group’s overall sales of RM1.42 billion for the period under review.
S P Setia’s total sales for the first 10 months of FY2014 stood at RM3.81 billion, with unbilled sales at RM10.88 billion.
“Despite the Malaysian property market going through a period of softness, the group posted satisfactory sales for the current quarter largely due to the successful Phase 2 residential launch by its joint-venture project, Battersea Power Station, in the United Kingdom,” it added.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email
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http://www.propertyguru.com.my/property-news/2014/9/64326/ceo-voon-resigns-from-sp-setia