Friday, December 2, 2011

Glomac 2Q net profit rises 49.7% to RM23.78m

KUALA LUMPUR (Dec 2): GLOMAC BHD [] net profit for the second quarter ended Oct 31, 2011 rose 49.7% to RM23.78 million from RM15.88 million a year earlier, due mainly to on-going projects particularly Glomac Damansara, Glomac Cyberjaya, Saujana Rawang and Bandar Saujana Utama.

Its revenue for the quarter however declined 4.3% to RM134.83 million from RM140.89 million in 2010, due to completion of two projects namely Glomac Tower and Glomac Galleria.

Earnings per share for the quarter increased to 4.08 sen year-on-year from 2.72 sen, while net assets per share was RM1.06.

For the six months ended Oct 31, Glomac's net profit rose 32.4% to RM41.65 million from RM31.44 million in 2010, on the back of revenue RM262.66 million.

Reviewing its performance, Glomac group executive chairman Tan Sri F.D. Mansor said the company's Glomac Cyberjaya 2 and B.U.Centro @ Bandar Utama projects would further drive its sales growth and enhance its unbilled sales which currently stood at RM555 million.

He said this was a reflection of the strong market interest in Glomac's development projects, as well as its continuing success in building ourselves as a quality, reliable and innovative developer.

'Albeit that global economic uncertainty persists, we believe Glomac's prospects remain promising and that we would continue to sustain our earnings growth momentum.

'Excluding the RM1.4 billion worth of PROPERTIES [] we have and will launch in this current financial year, Glomac has a strong pipeline of strategic projects with a total gross development value (GDV) of RM2.6 billion for launch beyond this year.

He said the company's balance sheet had also continued to improve, having amassed RM385 million in cash.

Glomac Cyberjaya 2, which was officially launched in November 2011, comprises of 3 to 4 '' shop offices with a total GDV of RM130 million.

The initial phase of B.U.Centro @ Bandar Utama has an estimated GDV of RM370 million, comprising of shop offices which were soft launched in November 2011, and serviced apartments which is targeted for launch in early 2012.



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