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  • Glomac Net Profit Down On Conversion Rates, Costs
  • Glomac is targeting to launch its Saujana KLIA township located near KLIA and KLIA 2.

    PETALING JAYA: Glomac Bhd recorded lower net profit of 10.5% to RM22.7mil in the third quarter ended Jan 31, 2014 from RM25.4mil a year earlier on higher new land conversion premium rates and construction costs.

    However, its revenue for the quarter under review rose 15% to RM183.7mil compared with RM160mil previously, driven by its projects in Puchong Lakeside Residences, Saujana Rawang, and Cyberjaya 2.

    For the first nine months, its net profit climbed 22% to RM86mil from RM70mil in the same corresponding period. Its revenue for the period rose 12.7% to RM502mil.

    Earnings per share for the nine-month period were higher at 11.90 sen compared with 10.29 sen before.

    In a statement yesterday, the company said it had been receiving encouraging sales, with RM368mil of new sales and unbilled sales of RM792mil in the nine-month period.

    Glomac is targeting to launch its Saujana KLIA township with a gross development value (GDV) of RM1.2bil this year.Glomac has proposed a single tier interim dividend of 2.25 sen per share, comparable with the 3 sen interim dividend, less 25% tax paid in fiscal year 2013.

    “The location is well placed to tap into the large catchment area with its proximity to KLIA and KLIA 2, as well as Cyberjaya and Putrajaya. This new township will encompass a green living environment, with lush landscaping, open spaces and modern amenities,” Glomac said.

    It also expecting to launch new phases from its Lakeside Residences, located in Puchong, in the second half of this year.

    “Initial phases comprising link houses with a GDV of RM229mil are almost all sold,” it said. The Lakeside Residences project has a total GDV of RM2.6bil.

    Going forward, Glomac noted that the group had available GDV of RM7bil on prime and strategic land bank within Greater KL to further capitalise on demand for landed residential developments, and sustain longer-term growth.