The Star Newspaper
Thursday December 20, 2007MYT 2:49:37 PM
KUALA LUMPUR: Glomac Bhd's net profit surged 145.5% to RM10.2mil for the second quarter to Oct 31, on a 16.5% growth in revenue to RM84mil from RM72.1mil a year ago.
Pre-tax profit rose to RM14.9mil from RM9.9mil and earnings per share (EPS) climbed to 4.34 sen from 1.88 sen before, the company said in a statement on Wednesday.
For the first six months ended Oct 31, the group's pre-tax profit increased 91.4% to RM31.4mil from RM16.4mil in the previous corresponding quarter on a 33.3% rise in turnover to RM166.5mil.
Net profit jumped 153% to RM21.3mil, or 9.27 sen per share, for the period under review.
In a separate statement, Glomac group executive chairman Datuk Mohamed Mansor Fateh Din said sales across all projects have been buoyant, particularly for its township developments in Bandar Saujana Utama and Saujana Rawang, where the group have successfully build up a strong branding and track record as a developer.
"Suria Stonor is now close to 90% sold, with remaining units being marketed at more than RM1,300 per square foot," he said.
He added that the high-end development was on track to be completed by mid-2008 and was expected to be one of the main earnings driver for Glomac in the current financial year.
"We expect to launch close to RM1bil worth of projects in the current financial year, including new phases in our existing townships, as well as maiden launch of our new developments – Glomac Tower, Glomac Damansara, Sri Bangi and Glomac Galleria, which is a commercial project in Sri Hartamas with an estimated gross development value of RM85mil," Mansor said.
“Looking at the pipeline of projects and the healthy sales momentum we are experiencing, the group’s financial performance should continue to improve," he added.
