GLOMAC 1Q net profit up 88% to RM15.5m

GLOMAC BHD [] posted a strong set of results, with net profit up 88% to RM15.55 million in the first quarter ended July 31, 2010 versus RM8.34 million a year ago and the property developer expects its unbilled sales of RM585 million to sustain its earnings growth.

It said on Tuesday, Sept 21 revenue surged 114% to RM126.31 million from RM58.98 million while pre-tax profit rose 79% to RM29.5 million in the quarter. Earnings per share were 5.32 sen versus 2.99 sen.

Glomac said the RM15.55 million net profit was close to 40% of the full year profit after tax of RM40.9 million achieved in the group’s financial year ended April 30, 2010. Its net asset per share was RM1.94.

Group executive chairman Tan Sri F.D. Mansor said the group’s strong results in the first quarter reflected the smooth progress in its key development projects, namely Glomac Tower, Glomac Damansara, Glomac Cyberjaya and Bandar Saujana Utama township.

CONSTRUCTION [] of the RM577 million Glomac Tower, a Grade ‘A’ commercial office tower in the vicinity of the Kuala Lumpur City Centre, is on track for completion in 2011.


Written by Joseph Chin
The Edge Malaysia