Property developer Glomac Bhd has more than doubled its second quarter net profit as it made more money from the Suria Stonor project and launched other new projects.
Glomac made a net profit of RM10.2 million for the quarter to October 31 2007, compared with RM4.2 million in the previous corresponding period. Revenue was up by 16 per cent to RM84 million.
Suria Stonor is now close to 90 per cent sold, with remaining units being marketed at more than RM1,300 per sq ft.
This high-end project, located in the vicinity of Kuala Lumpur City Centre, is on track to be completed by the middle of 2008. It is expected to be one of the main earnings driver for Glomac in the current financial year that ends on April 30 2008.
Glomac group executive chairman Tan Sri Mansor Fateh Din said he expects to launch RM1 billion worth of projects in the current financial year. This includes new phases in existing townships and the maiden launch of new developments.
"It has been another good quarter for us. Sales across all projects have been buoyant, particularly for our township developments in Bandar Saujana Utama and Saujana Rawang, where we have successfully built up a strong branding and track record as a developer," Mansor said in a statement yesterday.
By New Straits Times
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