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Wednesday July 2, 1:03 PMMalaysia's Glomac Books 9 PCT Rise in Annual Net ProfitKUALA LUMPUR, July 2 Asia Pulse - Glomac Bhd (KLSE:5020) has recorded net profit of RM35.15 million (US$11 million) for its fiscal year ended 30 April 2008, up 9 per cent from a year earlier, driven largely by sales at Suria Stonor and Plaza Glomac.Revenue for the year climbed 10 per cent to RM323.85 million from RM293.26 million in the previous year, the leading housing developer said in a filing to Bursa Malaysia on June 30. Earnings per share dipped to 13.59 sen from 14.50 sen previously. Glomac proposed a final tax-exempt dividend of two sen, bringing its total dividend payout to five sen tax exempt for FY08. For the fourth quarter, its net profit dropped to RM4.33 million from RM16.3 million in the previous corresponding period. Revenue fell to RM71.56 million from RM108.97 million. In a statement, Glomac's group executive chairman Tan Sri FD Mansor said: "With such volatility in construction material prices, it has not been an easy operating environment for us. Nevertheless, we have achieved a favourable set of results for the year, and more importantly, our recent launches have been well received by the market." "It goes to show that we have been effective in our branding, marketing and pricing strategies, and we appreciate the strong support from the market." Glomac said it had enjoyed brisk sales for its township developments, Bandar Saujana Utama and Saujana Rawang. Glomac Galleria, the group's commercial project in Sri Hartamas, and the initial phases of its gated mixed development in Bandar Sri Bangi were fully sold within months of their launching. During the year, Glomac also completed the en bloc sale of Glomac Tower for RM577 million, or RM1,120 per sq ft, which was a record price for commercial properties in Kuala Lumpur. The group achieved record sales of RM916 million for the year (including the sale of Glomac Tower) while unbilled sales stood at RM667 million as at April 30. "Our RM650 million mixed development, Glomac Damansara, would likely be launched in the next quarter. The first phase will comprise shop offices and an office block," Mansor said. "We are also very excited about the recent new landbank we have secured. Riding on the success of our initial Plaza Kelana Jaya project, and its signature lakefront promenade, we believe this latest phase of Plaza Kelana Jaya, where Restaurant Kelana Seafood Centre was formerly sited, offers strong potential for another commercial development. We expect to launch this project within the next year," said Mansor. However, he added that the company should be prudent to adopt a more cautious approach going forward in view of current softer market conditions. "Nevertheless, given our Group strengths, we believe we will continue to perform well and sustain good earnings," he said. "Near term, our focus will be on ensuring the timely delivery of our ongoing projects, and the smooth launch of our upcoming projects." ASIA PULSE |
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