Glomac's Q3 earnings up 27% to RM9.53mil

Better revenue from ongoing projects boosts profit

KUALA LUMPUR: Glomac Bhd posted net profit of RM9.53mil for the third quarter ended Jan 31, 2008, up 27% from RM7.51mil a year ago, underpinned by improved revenue from its on-going projects including the high-end residential project Suria Stonor and its commercial project Plaza Glomac.

It announced yesterday revenue rose 44.4% to RM85.82mil from RM59.42mil a year ago. Earnings per share was 3.31 sen compared with 3.39 sen. It also declared a gross dividend of three sen for the current financial year ending April 30.

For the nine-month period, net profit jumped 93.9% to RM30.81mil from RM15.89mil in the previous corresponding period. Revenue rose 36.9% to RM252.29mil from RM184.29mil. EPS was 12.37 sen compared with 7.17 sen.

Group executive chairman Tan Sri Mohamed Mansor Fateh Din said in a statement the group’s healthy growth was driven by strong progress billings in its high-end residential project and commercial project.

“Group sales have also been robust. Glomac Galleria, which was launched recently through a tender process, was fully sold. The first two phases of our gated mixed development in Bandar Baru Bangi, launched in February this year, were also fully sold,” he said.

The Glomac Galleria comprised of 20 units of 4 ½ storey shop offices in Sri Hartamas, with a gross development value (GDV) of RM85mil. The Sri Bangi project in Bandar Baru Bangi had an estimated GDV of RM120mil.

He added the group recently completed the sale of Glomac Tower for RM577mil and this would be a significant contributor to our earnings from the next financial year.

“The group’s prospect remains promising. Our unbilled sales of RM346mil at January 2008 is yet another record high, and this does not include the recent sale of Glomac Tower,” he said.

Mansor said Glomac would be launching the first phase of Glomac Damansara in the second half of this year. The mixed development project along Jalan Damansara would comprise of shop offices, office suites and serviced apartments and would have an estimated GDV of RM600mil.

By The Star (by Joseph Chin)