“Mar­ket con­di­tions may be chal­leng­ing, but Glo­mac’s pipe­line of de­vel­op­ment projects re­main strong.”

TAN SRI FD MANSOR, Glo­mac Bhd group ex­ec­u­tive chair­man

New Straits Times - - BUSINESS -

KUALA LUMPUR: Prop­erty de­vel­oper Glo­mac Bhd has a di­verse de­vel­op­ment port­fo­lio com­mand­ing a to­tal es­ti­mated gross de­vel­op­ment value (GDV) of RM9 bil­lion.

Group ex­ec­u­tive chair­man Tan Sri FD Mansor said this placed the group in an ideal po­si­tion to cap­i­talise on the pos­si­ble re­cov­ery in the prop­erty mar­ket and ac­cel­er­ate new launches to boost fu­ture sales.

“Mar­ket con­di­tions may be chal­leng­ing, but Glo­mac’s pipe­line of de­vel­op­ment projects re­main strong.

“The group has been se­lec­tively pac­ing its launches, fo­cus­ing mostly on af­ford­able landed res­i­den­tial and town­ship prod­ucts to a fair level of suc­cess,” he said in a state­ment yes­ter­day.

FD Mansor said the group would main­tain a de­vel­op­ment strat­egy fo­cus­ing on mass mar­ket de­mand.

“New launches in this seg­ment to­date have been well re­ceived and this mo­men­tum is ex­pected to sus­tain into the fore­see­able fu­ture,” he said.

Of the group’s tar­geted new launches, FD Mansor said 90 per cent were landed de­vel­op­ments com­pris­ing ter­raced, semi-de­tached and af­ford­able houses.

Glo­mac de­liv­ered profit-be­fore-tax of RM8.4 mil­lion in the third quar­ter ended Jan­uary and regis­tered a rev­enue of RM105.1 mil­lion.

FD Mansor said rev­enue and earn­ings were pri­mar­ily driven by three key on­go­ing de­vel­op­ments, namely Lake­side Res­i­dences in Pu­chong, Sau­jana KLIA in Dengkil and Sau­jana Per­dana in Sun­gai Bu­loh.

Net profit in the quar­ter inched lower to RM4.3 mil­lion from RM5.4 mil­lion in the same pe­riod last year.

For the nine-month pe­riod, Glo­mac achieved group rev­enue of RM312.6 mil­lion with pre-tax profit of RM22.8 mil­lion.

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