Glomac Q1 net profit rises to RM15.5m

GLOMAC Bhd’s first quarter net profit jumped 86.5 per cent to RM15.5 million for the period ended July 31 2010, backed by strong sales of its development projects.

The company told Bursa Malaysia yesterday that profit contributions mainly came from on-going developments namely Glomac Tower, Glomac Damansara and Glomac Cyberjaya.

Stronger sales in Bandar Saujana Utama projects had also contributed to the increase in the group’s profit.

Group revenue surged 114 per cent to RM126.3 million, it added.

By Business Times