Glomac 2Q net profit up 20.5% to RM9.3m

KUALA LUMPUR: Glomac Bhd posted net profit of RM9.3 million for its second quarter ended Oct 31, up 20.5% from the RM7.72 million a year ago.

The property developer said on Tuesday, Dec 22 revenue fell 16.8% to RM75.63 million from RM91 million. Earnings per share (EPS) were 3.26 sen versus 2.74 sen.

For the first half, net profit attributable to shareholders rose 13.5% to RM17.6 million, translating to EPS of 6.3 sen. However, revenue fell 21% to RM134.62 million from RM170.55 million.

It said the profit before tax rose 27.6% to RM32.8 million from RM25.7 million in the previous corresponding period, underpinned by stronger contribution from Glomac Tower.

Group executive chairman Tan Sri F.D. Mansor said sales had been strong in the 1H and it also managed to secure the en-bloc sale of a 25-storey office tower in Glomac Damansara development for RM170.7 million to Lembaga Tabung Haji.

On the 1H sales, it said this was mainly attributed to stronger sales from Glomac Damansara and Glomac Cyberjaya, as well as the group's township development, Bandar Saujana Utama.

Unbilled sales as at the end of October 2009 amounted to RM369 million.