KUALA LUMPUR: Glomac Bhd recorded a net profit of RM7.21 million in the fourth quarter ended April 30, 2009 (4QFY09), a 66.5% increase from RM4.33 million in the same period last year.The jump in quarterly earnings was due mainly to recognition of revenue from the sale of Glomac Tower and the fair value gain for Wisma Glomac 3.Revenue for the three-month period rose 38.7% to RM99.88 million from RM72 million a year earlier.However, for the 12-month period, net profit slipped 8.12% to RM32.29 million from RM35.15 million, due to the additional provision for impairment loss in a sub bond set off by the effect of the recognition of fair value gain for Wisma Glomac 3.Revenue was 8.4% higher at RM351.57 from RM324.34 million previously. Glomac proposed a final dividend of 3.5 sen per share less tax, bringing total gross dividend for the year to six sen, versus five sen in FY08.Based on the ongoing development projects and the level of work targeted to be completed, the group's performance for the financial year ending April 30, 2010 would remain satisfactory, Glomac said in a statement to Bursa Malaysia yesterday.
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