May 20 (Reuters) - French defence group Thales and Alphabet's Google Cloud have signed a deal to launch a new European cloud solution in Germany that will be operationally and legally independent from Google, the companies said on Wednesday.
PETALING JAYA: Despite having posted a 54% year-on-year drop in net profit for the first quarter ended March 31, 2026 , S P Setia Bhd is maintaining its plans for new launches of property development over the course of the financial year 2026 , keeping its sales target of RM4.6bil for FY26.
For 1Q26, the property developer’s net profit slid to RM31.12mil or earnings per share of 0.62 sen, mainly due to fewer land sale transactions and unrealised foreign exchange losses. This was despite the higher revenue recorded in 1Q26, which grew by 7% y-o-y to RM826.54mil. In a statement, the group said it secured sales of RM555mil in 1Q26, comprising RM500mil from domestic development and RM55mil from international development.
Within the domestic segment, the central region led with RM317mil, followed by the southern region at RM174mil. S P Setia said its overall performance was impacted by lower land sale transactions on a quarter-on-quarter basis. President and chief executive officer Datuk Zaini Yusoff said this quarter underscores the strength of the group’s operating model and disciplined execution, supported by prudent financial management and continued focus on cost and cash efficiency.
“As we navigate a dynamic external environment, we remain focused on delivering quality developments, progressing our long-term growth strategy in catalytic townships and eco-industrial parks, and advancing key initiatives in Penang and Vietnam,” he said. S P Setia noted it intends to maintain its plans for new launches of property development over the course of FY26 across the central, southern, and northern regions, as well as at the international front.
Property development remains at the core of the company, leveraging on residential and commercial product mix optimisation to drive enhanced profitability. Further, the group said it will continue to advance its strategic growth initiatives across key segments.
“Within the industrial expansion segment, progress is being made on its plans at Setia Fontaines industrial park development in Penang following rezoning approval on October 30, 2025,” the company said. On the international front, Setia Edenia in the township of EcoXuan in Ho Chi Minh City, Vietnam remains on track for completion in 2027. The group said the development is poised to emerge as a key landmark in the northern corridor of Ho Chi Minh City.
Meanwhile, S P Setia said it will continue to monitor the US–Iran conflict since late February 2026, with potential cost and market impacts remaining uncertain. The group said near term exposure is manageable, supported by limited exposure from existing construction contracts, alongside steady project execution, while no significant slowdown in underlying demand is observed.
“While rising construction costs may influence the timing and structuring of new project launches, the group remains focused on execution through proactive cost management and operational discipline. “This includes prioritising cost efficiency and value optimisation, maintaining prudent cash management, strengthening liquidity buffers, and preserving financial flexibility amid ongoing uncertainties,” S P Setia said. Sunway Healthcare cautiously optimistic on outlookFBM KLCI falls for sixth straight session; SkyeChip jumps on market debut
S P Setia Property Setia Edenia Vietnam Construction Zaini Yusoff
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