KUALA LUMPUR : GLOMAC BHD [] capped off its financial year ended April 30, 2010 on a strong note, with earnings up 80% to RM12.45 million in the fourth quarter and is optimistic of higher earnings in the current financial year (FY11), underpinned by its locked-in sales.
It said on Tuesday, June 29 that 4Q net profit rose to RM12.45 million from RM6.93 million.Revenue rose 11.6% to RM104.46 million from RM93.58 million. Earnings per share were 4.23 sen versus 2.48 sen. Glomac declared a dividend of 4.5 sen a share in the 4Q.
For FY10, net profit rose 27.4% to RM40.75 million or 13.92 sen a share from RM31.98 million or 11.4 sen a share in FY09. Profit before tax rose 32.2 % to RM74.37 million from RM56.24 million during the year. However, revenue fell 7.9% % to RM317.85 million from RM345.27 million.
Glomac expects its financials to improve, helped by the company's locked in real estate sales, upcoming property launches, and landbank expansion.
Its group executive Chairman, Tan Sri F.D. Mansor said that the unbilled sales of RM588 million as at end-April 2010 was a new record high for Glomac.
"Together with a healthy balance sheet and a pipeline of prime projects we are targeting to launch over the next two years, the group is well poised for significant growth," F.D. Mansor said.
Unbilled real estate sales refer to the value of PROPERTIES [] sold which have yet to be recognised in a developer's books yet.
Glomac which sold RM508 million worth properties in FY2010 has a pipeline of projects worth RM1.8 billion to be launched over the next two financial years, he said.
It said on Tuesday, June 29 that 4Q net profit rose to RM12.45 million from RM6.93 million.Revenue rose 11.6% to RM104.46 million from RM93.58 million. Earnings per share were 4.23 sen versus 2.48 sen. Glomac declared a dividend of 4.5 sen a share in the 4Q.
For FY10, net profit rose 27.4% to RM40.75 million or 13.92 sen a share from RM31.98 million or 11.4 sen a share in FY09. Profit before tax rose 32.2 % to RM74.37 million from RM56.24 million during the year. However, revenue fell 7.9% % to RM317.85 million from RM345.27 million.
Glomac expects its financials to improve, helped by the company's locked in real estate sales, upcoming property launches, and landbank expansion.
Its group executive Chairman, Tan Sri F.D. Mansor said that the unbilled sales of RM588 million as at end-April 2010 was a new record high for Glomac.
"Together with a healthy balance sheet and a pipeline of prime projects we are targeting to launch over the next two years, the group is well poised for significant growth," F.D. Mansor said.
Unbilled real estate sales refer to the value of PROPERTIES [] sold which have yet to be recognised in a developer's books yet.
Glomac which sold RM508 million worth properties in FY2010 has a pipeline of projects worth RM1.8 billion to be launched over the next two financial years, he said.
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