Glomac nets RM24m in Q1 on record sales

KUALA LUMPUR: Glomac Bhd has announced a RM23.79 million net profit for the first quarter ended July 31 2012, marginally better than RM23.63 million registered in the same previous quarter.

Net profit attributable to shareholders rose 17.3 per cent to RM21 million from that in the corresponding quarter last year, Glomac told Bursa Malaysia yesterday,

For the first three months of its financial year ending 30 April 2013, the group posted 26.1 per cent year-on-year revenue growth to RM161.1 million.

"The record sales we have achieved continue to drive our earnings growth, with key contributions from our broad portfolio of ongoing projects such as Glomac Damansara, Glomac Cyberjaya and our key townships of Bandar Saujana Utama and Saujana Rawang," group executive chairman Tan Sri FD Mansor said.

He said new sales in this first quarter of RM212 million exceeded that in the corresponding period last year by more than 100 per cent.

As at end July 2012, Glomac's unbilled sales were another record high of RM763 million.

Glomac expects the strong sales momentum to continue.

"We have a pipeline of future projects with a total gross development value of RM7 billion, of which we intend to launch RM1.13 billion in this current financial year," FD Mansor said.

By Business Times