Glomac net profit jumps 5.7pc to RM108.1m

By BUSINESS TIMES
KUALA LUMPUR: Property developer Glomac Bhd reported a higher net profit of RM108.1 million for the financial year ended April 30 2014, up 5.7 per cent from the RM102.3 million achieved a year ago.
This was despite a slightly lower revenue of RM676.1 million, down 0.7 per cent, from RM680.9 million, for the same period.
Glomac group executive chairman Tan Sri FD Iskandar Mansor said the full year performance was sustained by construction progress from key projects in Lakeside Residences in Puchong and Saujana Rawang, the group’s thriving township development that is enjoying strong market demand.
“It was a year of consolidation for the group. Glomac has deliberately deferred several new launches over this period as the market adjusts to government cooling measures.
“Nonetheless, Glomac achieved commendable sales of RM504 million for the year, primarily driven by sustained sales from Saujana Rawang, as well as Glomac Centro and Reflection Residences @Mutiara Damansara,” he said in a statement.
Glomac is proposing a final single tier dividend of 2.65 sen per share for the financial year ended April 30, bringing the total single tier dividend per share for the year to 4.9 sen.
This is comparable to the 6.5 sen less 25 per cent tax paid in the previous financial year 2013, which in turn translates to a financial year 2014 dividend yield of 4.5 per cent.
FD Iskandar said to further boost its exposure in this mid-market segment, Glomac has also successfully secured new tracts of land in Bandar Saujana Utama, Selangor and Kulaijaya, Johor, both meant for mixed development with potential gross development value of RM1.0 billion.