Business & Markets 2012
Written by Syarina Hyzah Zakaria of theedgemalaysia.com
Wednesday, 26 September 2012 17:53
KUALA LUMPUR (Sept 26): GLOMAC BHD [] net profit for its first quarter ended July 31, rose 17.46% to RM20.99 million or 3.72 sen per share from RM17.87 million a year ago due to increased revenue from certain projects.
Revenue increased 26% to RM161.07 million from RM127.83 previously.
"The record sales we have achieved continue to drive our earnings growth, with key contributions from our broad portfolio of on-going projects such as Glomac Damansara, Glomac Cyberjaya and our key townships of Bandar Saujana Utama and Saujana Rawang," said Tan Sri Datuk FD Mansor, group chairman in a statement on Wednesday.
He added that this growth momentum is expected to sustain as its unbilled sales remained high. It currently has projects with gross development value of RM7 billion in its pipeline, of which Glomac intends to launch some RM1.13 billion this year.