Glomac Q1 net rises to RM24.1m on strong sales
KUALA LUMPUR: Property developer Glomac Bhd's net profit rose 14.8 per cent to RM24.1 million in the first quarter of its financial year ended July 31 on the back of strong sales performance in the last financial year.
For the quarter under review, it registered RM162.3 million in revenue while its net assets per share stood at RM1.16.
Glomac said the earnings were derived from the steady construction progress in its key ongoing projects, including township developments, namely Bandar Saujana Utama and Saujana Rawang, as well as Lakeside Residences in Puchong and Glomac Centro in Petaling Jaya.
"The company's unbilled sales as at July 31 remained at a high RM852 million," said Glomac group executive chairman Tan Sri FD Iskandar Mansor in the statement yesterday.
Iskandar said the group is planning to launch RM1.38 billion worth of projects in the current financial year, which will include shop offices at Puchong's Lakeside Residences and Centro V, and the next phase of its apartments and shop offices at Glomac Centro.
It also plans to launch a new township development, namely Saujana KLIA, with a total gross development value of RM1.2 billion.
Moving forward, the company believes its performance this year will improve further, driven by its high unbilled sales.
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