Press statement by YBhg Tan Sri Dato’ F.D.Mansor, Group Executive Chairman,
Glomac Berhad, on the Group’s unaudited results for the quarter ended 30 April 2007
Exciting Prospects Ahead With Launching Of New Projects
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Glomac Berhad today announced an increase of 83.5% from the previous quarter in the group’s latest unaudited revenue of RM109.0 million for the fourth quarter ended 30 April 2007. In the quarter, the Group registered profit before tax of RM19.5 million, whilst net profit after minority interest was RM16.3 million, an increase of 31.8% and 117.3% respectively.
For the financial year ended 30 April 2007, the Group delivered profit before tax of RM50.7 million and net profit after minority interest of RM32.2 million respectively. This was achieved on the Group revenue of RM293.2 million, compared to RM285.5 million in the previous financial year.
Consistent with the previous financial year, Glomac is proposing a final dividend of 5sen per share, which translates to a total dividend of 9sen per share for the year. Group Executive Chairman, Tan Sri Dato’ FD Mansor said, “It is a good set of results for the Group, driven mainly by the success of our key projects such as Plaza Glomac and Suria Stonor. Sales in Suria Stonor have continued to climb higher. The project is now almost 80% sold, and we are on schedule for completion in April 2008. Our pricing is now about RM1,000 per square foot, which is reflective of the current pricing for high end condominiums in the vicinity of the city centre.” “Near term, we are going to be kept very busy. The Group has several new and exciting projects lined up that will drive our earnings growth over the next few financial years. We will start work on Glomac Tower early next year, which will be timely given the shortage of Grade A office space in the KLCC area.”
Glomac Tower is a RM550 million commercial high-rise development on a prime 1.3 acre site opposite KLCC Twin Towers. In early 2008, the Group will also be launching the first phase of its mixed commercial development on Jalan Damansara in Kuala Lumpur. The project comprises of shop offices, office suites and serviced apartments with a total estimated development value of RM500 million. Other new projects to be launched in 2007/2008 includes Glomac Galleria, a RM85 million commercial development in Desa Sri Hartamas and a gated mixed development in Bangi, also with a gross development value of about RM120 million.
“Glomac has proven that it has been successful in consistently adding projects and landbank to enhance its growth prospects. Over the past two years, the Group has added another RM2 billion worth of new residential and commercial projects into our expanding portfolio.”
He added, “The Group anticipates a bright earnings outlook ahead. Our unbilled sales to-date stand at a record high of RM358 million. We also have more than RM700 million worth of products for sale this year, and with our strong concentration of commercial and high end residential projects, we believe we are well positioned to capitalize on the current buoyant market conditions.”
