Glomac posts higher Q2 pre-tax profit

Glomac Bhd's pre-tax profit for the second quarter ended Oct 31, 2011 surged to RM34.278 million from RM32.043 million in the same quarter last year.However, revenue decreased to RM134.834 million from RM140.897 million.

In a filing to Bursa Malaysia today, the company said the fall in revenue was due to completion of two projects namely Glomac Tower and Glomac Galleria.

Nevertheless, Glomac said ongoing projects particularly Glomac Damansara, Glomac Cyberjaya, Saujana Rawang and Bandar Saujana Utama contributed stronger revenue as compared to last corresponding period.

In a statement, Group Executive Chairman Tan Sri F.D. Mansor said the company "has a strong pipeline of strategic projects with a total gross development value (GDV) of RM2.6 billion for launch beyond this year".

By Bernama