Thursday, March 31, 2011

Glomac 3Q net profit up 55% to RM16.5m, proposes 4.5c interim dividend

KUALA LUMPUR: GLOMAC BHD [] net profit for the third quarter ended Jan 31, 2011 rose 55.2% to RM16.52 million from RM10.65 million a year earlier, mainly due to stronger contribution from higher margin projects such as Glomac Tower, Glomac Damansara and Glomac Cyberjaya.

Revenue for the quarter surged 124% to RM176.53 million from RM78.76 million in 2010. Earnings per share was 5.65 sen, while net assets per share was RM2.01.

Glomac proposed an interim dividend of 4.5 sen per share.

For the nine months ended Jan 31, Glomac's net profit rose to RM47.96 million from RM28.29 million a year ago, on the back of revenue RM443.74 milion.

In a statement Thursday, March 31, Glomac group executive chairman Tan Sri F.D.Mansor said the company's cumulated new sales of RM680 million in the last two financial years was translating into record profits for this year.

'More importantly, new sales have continued to be encouraging. The property market remains buoyant, and our new launches have been well received,' he said.

He said the recently launched Tower One of the RM285 million Glomac Damansara

Residences had achieved a take-up rate of close to 70% to date.

Tower Two of the 26-storey condominium project in Glomac Damansara has just been released for registration, he said.

Earlier launches in Glomac Damansara included shop offices and an office tower, both of which were fully sold for RM225 million, he said.

'Glomac's prospects have never been brighter. We have a strong pipeline of exciting and market-driven new commercial and residential projects for launch,' he said.

F.D. Mansor said Glomac's total gross development value had increased from RM2.5 billion to RM3.3 billion with the recent acquisition to purchase 200 acres of land in the prime commercial hub of Puchong for RM77 million.

Out of this RM3.3 billion, more than RM1 billion worth of projects were ready for launch over the next 2 years, and would sustain its sales momentum going forward, he said.

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