GLOMAC FULL-YEAR PROFIT RISES 37PC

Group’s balance sheet improves amid plans for new launches

PROPERTY developer Glomac Bhd’s fourthquarter profits plunged 94 per cent to RM1.28 million from RM22.64 million previously due to completion of Glomac Centro and Reflection Residences, and tail-end projects in Saujana Rawang.

This has led to earnings per share for the fourth quarter to shrink to 0.18 sen from 3.14 sen a year ago.

In its filing with Bursa Malaysia, Glomac noted its fourth-quarter revenue fell 16 per cent to RM158.89 million from RM189.42 million.

However, the group’s full-year profit grew 37 per cent to RM110.44 million from RM80.93 million a year ago, despite a six per cent dip in revenue to RM581.79 million from RM616.6 million previously.

The group’s balance sheet has improved as total cash and cash equivalent rose to RM307.5 million from RM263.8 million a year ago, bringing Glomac’s net gearing ratio down to a comfortable 0.2 times as at April.

Glomac has proposed a final dividend of 1.5 sen per share, bringing its total year payout to three sen.

Going forward, Glomac said it planned to open initial phases of terraced houses for launch in its new developments in Saujana Utama 5 in Sungai Buloh, Selangor, and Saujana Jaya in Kulai, Johor.

Its unbilled sales amounted to RM556 million as at April. Its landbank within the Klang Valley has a RM7 billion gross development value.

Glomac has earmarked RM1.02 billion worth of new development products for launch in the current year ending April 2018.

The projects include the RM364 million Plaza@Kelana Jaya, which is an integrated freehold residential project comprising serviced apartments and shop offices.