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Glomac first quarter profit up 17.5%

KUALA LUMPUR (Sept 27): Glomac Bhd's net profit for its first quarter ended July 31, rose 17.5% to RM20.99 million or 3.72 sen per share from RM17.87 million a year ago, due to increased revenue from certain projects. Revenue increased 26% to RM161.07 million from RM127.83 million previously.

"The record sales we have achieved continue to drive our earnings growth, with key contributions from our broad portfolio of ongoing projects such as Glomac Damansara, Glomac Cyberjaya and our key townships of Bandar Saujana Utama and Saujana Rawang," said group chairman Tan Sri FD Mansor in a statement on Wednesday.

This growth momentum is expected to sustain as its unbilled sales remain high, he added. It currently has projects with a gross development value of RM7 billion in the pipeline, of which it intends to launch some RM1.13 billion this year.

This story appeared in The Edge Financial Daily on Sept 27, 2012.

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