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Glomac 2Q net profit up 70% to RM15.88m

KUALA LUMPUR: Glomac Bhd recorded a net profit increase of 70% to RM15.88 million compared to RM9.202 million a year ago in its 2Q financial statements, the group said on Thursday, Dec 2.

Revenue earned during the quarter under review rose 86% to RM140.897 million from RM75.634 million a year ago. The group attributed its positive performance to the contributions from Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Bandar Baru Bangi.

Basic earnings per share rose to 5.44 sen from 3.26 sen a year ago. Net assets per share also went up to RM1.96 from RM1.88 as at the preceding financial year end.

"We are pleased to have delivered an even stronger set of results for Glomac," said group executive chairman Tan Sri FD Mansor in a press release dated Thursday, Dec 2. "All our development projects are progressing on schedule. Fuelled by the record sales we achieved over the past 12 months, we believe the company is riding through an exciting growth path."

Unbilled sales at the end of October 2010 remain high at RM572 million, the group stated.

"We are confident that our sales momentum can be sustained," Mansor said. "Glomac is well positioned, having more than RM2.5 billion worth of development projects for launch. More immediate is our RM250 million Glomac Damansara apartments, which we will officially launch in January 2011."

Other projects that are valued in excess of RM1 billion, to be launched in the future included the retail mall in Glomac Damansara, the RM400 million Glomac Utama mixed-development in PJ and the RM250 million apartment in Mutiara Damansara, the group said.
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