Glomac’s cash position balloons

KUALA LUMPUR: Glomac Bhd’s pre-tax profit rose to RM32.3 million in 1QFY12 ended July 31 from RM29.47 million a year ago.

Revenue was slightly higher at RM127.83 million from RM126.31 million previously, while net profit grew by 14.7% to RM17.9 million from RM15.6 million, the property firm announced yesterday.

Glomac’s cash position ballooned to RM361.6 million as at July 31 compared with RM176.7 million three months ago.

Group executive chairman Tan Sri FD Mansor said Glomac’s profit was driven by healthy contributions from previously sold out projects, as well as ongoing projects such as Glomac Damansara. — Bernama

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