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Tuesday, September 21, 2010

Glomac reports higher Q1 profit

Glomac Bhd reported a pre-tax profit of RM29.465 million for the first quarter ended July 31, 2010, up 79 per cent from RM16.474 million in the same period last year.

The profit was achieved over a 114 per cent rise in its revenue of RM126.31 million from RM58.986 million previously.

In a statement released today, its Group Executive Chairman, Tan Sri F.D. Mansor said the strong results reflected the smooth progress in its key property development projects, namely Glomac Tower, Glomac Damansara, Glomac Cyberjaya and Bandar Saujana Utama township.

He said construction work for the RM577 million Glomac Tower, a Grade ‘A’ commercial office tower in the vicinity of the Kuala Lumpur City Centre, was on track for completion next year.

Glomac Damansara, the group’s freehold mixed development project, has started well with its initial launch of shop offices fully taken up and the successful sale of a 25-storey office tower to Lembaga Tabung Haji for RM171 million.

New launches from Glomac Damansara this year include two blocks of serviced apartments and a retail mall with an estimated gross development value of RM450 million.

The statement said Glomac also recently purchased 2.8 hectares of freehold land adjacent to Glomac Cyberjaya for RM27.4 million.

"Prospects for the group remain robust. We expect earnings growth to be sustained in this financial year, underpinned by our strong unbilled sales of RM585 million (as at 31 July 2010), which remains at a historical high," Mansor added.

By Bernama

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