Glomac net profit up 66%

Posted on | June 25, 2009

By THE STAR

PETALING JAYA: Property developer Glomac Bhd’s net profit rose 66% to RM7.21mil in the last quarter ended April 30, as revenue rose 39% to RM99.89mil compared with the previous corresponding period.

This brings its full-year (FY09) net income to RM32.3mil, which was slightly lower than RM35.1mil achieved in FY08. Sales grew to RM352mil from RM324mil previously.

In a press release issued yesterday, Glomac attributed its improved performance for the year just ended to strong progress billings from on-going projects, with maiden contribution from new developments.

“Group profits for the year include RM4.4mil fair-value gain for the sale of Wisma Glomac 3,’’ it said, adding that minority interest was higher for the year due to higher contribution from 51%-owned Glomac Tower.

This was the primary reason from the decline in net profit despite higher revenue achieved for the year.

Glomac proposed a final gross dividend payout of 3.5 sen for FY09.

“Prospects in the current year remain healthy, driven by unbilled sales and new commercial launches,’’ group executive chairman Tan Sri FD Mansor said in the statement.

Total unbilled sales reached RM364mil as at end-April.

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