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

KUALA LUMPUR: Glomac Bhd posted an increased net profit, up 88% to RM15.55 million, in the first quarter ended July 31 versus RM8.34 million a year ago, in a filing with Bursa Malaysia on Tuesday, Sept 21.

The Group's revenue increased by 114% to RM126.31 million from RM58.98 million, while pre-tax profit rose 79% to RM29.5 million in the quarter from RM16.5 million a year ago.

Earnings per share were 5.32 sen versus 2.99 sen. Net assets per share rose to RM1.94 from RM1.88.

The results in the first quarter reflected the 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.