Glomac earnings up 25% in the fourth quarter

By TMR

Glomac Bhd’s earnings increased 25% year-on-year (YoY) to RM23.1 million in the fourth quarter ended April 30, 2018 (4Q18) backed by its reversal of provision for foreseeable loss and expenses.

In an exchange filing yesterday, the property developer noted core contribution was underpinned by progress billings from sales at its highly successful township developments Saujana KLIA and Saujana Perdana.

Revenue  decreased by 43% YoY to RM92.16 million and the company proposed a final single tier dividend of 1.5 sen per share. In the new financial year FY19, Glomac plans to launch a more diverse range of products with a total estimated gross development value (GDV) of RM1.06 billion.

The group said focus remains in the mid market and affordable segments and it expects its landed residential products in townships such as Saujana Perdana and Saujana Jaya in Kulai Johor to sustain steady sales.

Added into the mix is the introduction of two serviced apartment projects in bustling Petaling Jaya to be launched in FY19.

Glomac said the property market environment remains challenging and it will continue to adopt a responsive approach in pacing its FY19 new launches.

Glomac’s current potential developments holds a GDV of RM9 billion, primarily in the mass market segment.