KUALA LUMPUR: GLOMAC BHD [] net profit rose 19.8% to RM15.05 million in the fourth quarter ended April 30, 2011 from RM12.56 million a year ago, boosted by ongoing sales and progressive recognition of development from several projects.
In a statement on Thursday, June 23, it said the projects included Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Bandar Baru Bangi.
Revenue rose to RM157.75 million from RM103.37 million in 2010. Earnings per share were 5.08 sen, while net assets per share was RM2.04. It proposed'' gross dividend of five sen per share for the financial year ended April 30.
For FY ended April 30, Glomac's net profit jumped 54.2% to RM63 million from RM40.85 million, while revenue surged to RM601.49 million from RM316.76 million.
Glomac executive chairman Tan Sri F.D. Mansor said the company realised total sales of RM418 million in the financial year under review, driven by strong response to its township projects in Bandar Saujana Utama and Saujana Rawang and preliminary contribution from Glomac Damansara'' Residences, a two-tower 26-storey serviced apartments located in the RM898 million freehold Glomac Damansara development.
He said sales momentum had been on a steady rise since its soft-launch of Glomac Damansara Residences in February 2011.
'We remain confident of our continuing success in Glomac Damansara, especially now with our strategic location enhanced by the proposed Taman Tun Dr Ismail MRT station in the vicinity.
'Glomac is poised for further growth. Our unbilled sales, despite the stronger recognition of progress billings in our financial results, remained high at RM550 million as at April 30, 2011. This serves to affirm the Group's earnings visibility over the next two financial years,' he said.
F.D. Mansor said Glomac's longer term growth prospects remained robust, adding that its focus was in Greater KL / Klang Valley, where it already had an entrenched position as a reputable developer.
'Here is also where we believe we can further seek out new development opportunities, with Greater KL / Klang Valley having been identified as one of the National Key Economic Areas in the Government's Economic Transformation Programme,' he said.
In a statement on Thursday, June 23, it said the projects included Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Bandar Baru Bangi.
Revenue rose to RM157.75 million from RM103.37 million in 2010. Earnings per share were 5.08 sen, while net assets per share was RM2.04. It proposed'' gross dividend of five sen per share for the financial year ended April 30.
For FY ended April 30, Glomac's net profit jumped 54.2% to RM63 million from RM40.85 million, while revenue surged to RM601.49 million from RM316.76 million.
Glomac executive chairman Tan Sri F.D. Mansor said the company realised total sales of RM418 million in the financial year under review, driven by strong response to its township projects in Bandar Saujana Utama and Saujana Rawang and preliminary contribution from Glomac Damansara'' Residences, a two-tower 26-storey serviced apartments located in the RM898 million freehold Glomac Damansara development.
He said sales momentum had been on a steady rise since its soft-launch of Glomac Damansara Residences in February 2011.
'We remain confident of our continuing success in Glomac Damansara, especially now with our strategic location enhanced by the proposed Taman Tun Dr Ismail MRT station in the vicinity.
'Glomac is poised for further growth. Our unbilled sales, despite the stronger recognition of progress billings in our financial results, remained high at RM550 million as at April 30, 2011. This serves to affirm the Group's earnings visibility over the next two financial years,' he said.
F.D. Mansor said Glomac's longer term growth prospects remained robust, adding that its focus was in Greater KL / Klang Valley, where it already had an entrenched position as a reputable developer.
'Here is also where we believe we can further seek out new development opportunities, with Greater KL / Klang Valley having been identified as one of the National Key Economic Areas in the Government's Economic Transformation Programme,' he said.
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