Glomac 4Q net profit up 19.8% to RM15.05m, declares 5c dividend

by **hlk** Thu 23 Jun 2011, 19:14

KUALA LUMPUR: GLOMAC BHD [] net profit for the fourth quarter ended April 30, 2011 rose 19.8% to RM15.05 million from RM12.56 million a year earlier, due mainly to on-going sales and progressive recognition of development from Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Bandar Baru Bangi

Revenue for the quarter rose to RM157.75 million from RM103.37 million in 2010. Earnings per share was 5.08 sen, while net assets per share was RM2.04.

Glomac proposed a second and final gross dividend of five sen per share in respect of the financial year ended April 30.

For the financial year ended April, Glomac’s net profit jumped 54.2% to RM63 million from RM40.85 million, while revenue surged to RN601.49 million from RM316.76 million.

In a statement Thursday, June 23, 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.