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Saturday, December 20, 2008

Glomac Q2 net profit drops to RM7.7m

PROPERTY developer Glomac Bhd says its second-quarter net profit fell by 24 per cent, due partly to less work done by the construction division.

Net profit fell to RM7.7 million during the quarter to October 31 against RM10.22 million in the same period last year. For the first half, its net profit declined by 27 per cent to RM15.5 million.

However, the company managed to grow its quarterly revenue by eight per cent to RM91 million, while six-month sales rose marginally to RM170.55 million, against RM166 million in the first half of last year.

"Our performance in the first half of this year was satisfactory, considering the difficult operating environment," said group executive chairman Tan Sri FD Mansor in a statement.

Higher sales were partly due to the recently completed Suria Stonor, as well as its township development Bandar Saujana Utama.
"We believe our sales in affordable township products will sustain. Nonetheless, in view of the current challenging market conditions, we will be more selective in considering new launches.

"Although Glomac has earmarked more than RM1 billion worth of new projects to be launched, we will most likely assess and launch these new projects when the economy recovers and when market sentiment improves," he said.

By Business Times

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