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Glomac optimistic of strong performance if industry policies remain intact in 2014 budget

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Glomac optimistic of strong performance if industry policies remain intact in 2014 budget Empty Glomac optimistic of strong performance if industry policies remain intact in 2014 budget

Post by Cals Thu 24 Oct 2013, 15:54

Glomac optimistic of strong performance if industry policies remain intact in 2014 budget
Business & Markets 2013
Written by Bernama   
Thursday, 24 October 2013 14:46
KUALA LUMPUR (Oct 24): Property developer, Glomac Bhd, is optimistic of maintaining its strong performance in the current financial
year ending April 30, 2014 if existing government policies for the industry remain intact in the 2014 Budget.
Group Managing Director/ Chief Executive Officer Datuk FD Iskandar said should the government tighten any property industry-related policy related to the property industry, it might have some negative impact on industry players and purchasers.
"I think there will be an increase in real property gains tax on second-hand properties and we want to see how banks will react especially in terms of providing end-financing to purchasers.
"We will try our very best (to maintain our bottomline) but a lot depends on tomorrow's budget because we have to see the reaction of potential purchasers to the RPGT.
"If purchasers cannot obtain end-financing, the sale of second-hand properties will definitely decrease," he told reporters after the company's annual general meeting here today.
Glomac's revenue rose two per cent to RM665.871 million for the financial year ended April 30, 2013 from RM652.406 million chalked up in 2012.
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