If you have a previous build, you should cleanup first with:
mingw32-make distclean
In the Qt Quick components repository root:
configure -symbian -nomake tests mingw32-make clean
After the configure step, run:
sbs -c armv5_urel
This will build all the binaries and export the iby's, qmls etc to correct folders also for test applications. No separate install is needed.
After the configure step, run the following commands (make sure you don't have any apps running in QML Viewer or the install will fail):
mingw32-make mingw32-make install
The components are installed in C:\QtSDK\Desktop\Qt\4.7.1\mingw\imports\Qt\labs\components, so you need to add that to your system path before you can run any components-based applications.
You can test that the components work by running one of the example applications.
qmake mingw32-make
qmlgallery.exe