Thursday, December 2, 2010

Glomac 2Q earnings up 70% at RM15.88m

KUALA LUMPUR: GLOMAC BHD []'s earnings rose 70% to RM15.88 million in the second quarter ended Oct 31, from RM9.3 million a year ago, boosted by contributions from on-going progress completion from Glomac Tower and Glomac Cyberjaya.

It said on Thursday, Dec 2 that revenue rose 86% to RM140.89 million from RM75.63 million a year ago while earnings per share were 5.44 sen versus 3.26 sen.

For the first half, net profit attributable to shareholders grew 78.4% to RM31.4 million from RM17.64 million while revenue jumped 98.5% to RM267.2 million from RM134.6 million.

The stronger performance was attributed to contributions from Glomac's multiple successful projects such as Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Seri Bangi at Bandar Baru Bangi.

Unbilled sales as at the end of October 2010 remains high at RM572 million, and this remains as one of the key earnings growth drivers for the group going forward.

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