Glomac Q4 net profit rises 31%

PETALING JAYA: Glomac Bhd's net profit for the fourth quarter ended April 30, 2015 (Q4) rose 30.90% to RM29.24 million from RM22.34 million a year ago, driven by profits from Saujana Rawang, Glomac Centro and Reflection Residences projects.
However, revenue for the quarter fell 3.69% to RM168.41 million from RM174.87 miillion a year ago, mainly due to the completion of Damansara Residences and tail-end projects in Bandar Saujana Utama.
"The gross profit margin for the quarter decreased from 42% to 38%, while gross profit margin for year to date has improved from 32% to 36%," it said in a filing with Bursa Malaysia yesterday.
For the full year ended April 30, 2015 (FY15), net profit fell 20.05% to RM86.65 million from RM108.38 million a year ago, due to lower revenue and gross profit.
"Furthermore, there was a disposal of investment properties in VIP Glomac Unit Trust which has resulted in share of profit from associate of RM15 million in previous year," it said.
It also proposed a single-tier final dividend of 2.25 sen per share for FY15. Including the single-tier interim dividend of 2.0 sen per share paid in June 2015, the total single-tier dividend for FY15 comes to 4.25 sen per share.
Group executive chairman Tan Sri F.D. Mansor said Glomac achieved total sales of RM506 million in FY15, of which more than 80% were derived from landed residential projects and affordable townships.
"This year, Glomac is bringing to market new launches with an estimated gross development value (GDV) of RM802 million, where the strategic focus continues to be in landed residential projects such as Lakeside Residences in Puchong and Suria Residen in Cheras, and affordable townships such as Saujana KLIA, Bandar Saujana Utama and Saujana Rawang.
"This year will also see the maiden launch for the Saujana 5 township, which is an extension of Bandar Saujana Utama, as well as for Saujana Jaya, Glomac's new township development in Kulaijaya, Johor," he said in a statement.
The company is also planning to launch the second phase of Glomac Centro later this year.
"Glomac's longer term prospects are sustained by a solid development platform, where it has a sizeable landbank with future GDV of RM7.7 billion in various strategic locations. Its product pipeline is mostly in affordable townships and the landed residential segment, where current demand remains buoyant," he added.