Stockmarket.com.my

Property developer Glomac Berhad recently announced an increase of 20% in their net profit earnings for Quarter 4 for their financial year ending April 20, 2011. This is constituted with a figure of RM15.05million from the previous RM12.56million. The positive figures and growth were mainly contributed by their on-going sales as well as their very prominent projects that include Glomac Towers, Glomac Cyberjaya, Bandar Baru Bangi, Saujana Utama as well as Glomac Damansarara. revenue stands at RM157.75 million while the previous year recorded a revenue of RM103.37 million.

Net profit for the financial year ending April 30 increase to RM63.01 million from last year of RM40.85 million. It also announced that despite the stronger recognition of progressed billings, unbilled sales are at RM550 million which is considered quite high. They have also earmarked projects worth RM1.2billion to be launched this year and that would include the Glomac Mutiara Damansara Residences.

The company will however continue to focus on projects for the Greater Kuala Lumpur and Klang Valley which comes with a variety of opportunities under the National Key Economic Areas under the Economic Transformation Programme. They are proposing that a 5 sen per share less 25% for the final gross dividend and that would bring the total dividend for the year to 9.5sen.