Glomac posts lower pre-tax profit in second quarter

KUALA LUMPUR: Glomac Bhd’s pre-tax profit for the second quarter ended Oct 31 slipped to RM33.64 million from RM34.28 million posted in the same period last year.

Revenue fell to RM124.4 million from RM134.83 million, the company said in a filing with Bursa Malaysia yesterday.

Meanwhile, in a statement, Glomac said its steady growth would continue in the first half of its financial year ending April 30 (FY13), with sustained contributions from its multiple ongoing projects.

“In the six-month period, group revenue rose 8.7% to RM285.5 million, whilst net profit attributable to shareholders rose 7.9% to RM44.9 million from the corresponding first half last year.

“Development projects contributing to current earnings include the two key townships — Bandar Saujana Utama and Saujana Rawang,” it said.

Group executive chairman Tan Sri F D Mansor said Glomac has been successful in identifying market trends and introducing the right concepts to bring forth products that have continued to appeal to house buyers.

“Glomac’s sales growth has been impressive, doubling its profit every two years since 2009 for its profit before tax to reach RM161.1 million in FY12,” he said.

With strong sales and record unbilled sales, Glomac is expected to deliver another good performance in the current financial year, he added. — Bernama