Glomac posts higher Q2 pre-tax profit

Publish date: Fri, 02 Dec 2011, 06:36 PM
Glomac Bhd's pre-tax profit for the second quarter ended Oct 31, 2011 surged to RM34.278 million from RM32.043 million in the same quarter last year.However, revenue decreased to RM134.834 million from RM140.897 million.

In a filing to Bursa Malaysia today, the company said the fall in revenue
was due to completion of two projects namely Glomac Tower and Glomac Galleria.

Nevertheless, Glomac said ongoing projects particularly Glomac Damansara,
Glomac Cyberjaya, Saujana Rawang and Bandar Saujana Utama contributed stronger revenue as compared to last corresponding period.

In a statement, Group Executive Chairman Tan Sri F.D. Mansor said the
company "has a strong pipeline of strategic projects with a total gross
development value (GDV) of RM2.6 billion for launch beyond this year". -- Bernama

Labels: GLOMAC

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valueinvestor

The annual revenue for the company appears to have peaked in the last financial year and there may not be much upside for its share price in these next few months due to the slow launching of its few projects in its pipeline. Hence, the near term growth of the company is capped. Instead of boasting its projects in the pipeline over the last few months, the company needs to launch its projects faster to lock-in new sales in order for the company to achieve greater heights.

The growth story of any property development company lies mainly on its topline growth. Without meaningful growth in its topline ie the increased revenue from its new projects, the company may still need to depend on its share buy-back programme to support its share price. :-(

2011-12-04 22:21

Adam Ryan

Share price move based on demand n supply....when demand up, share will up, when supply will up share will down when no balance (few peoples invest in dat stock), stock will not go up so much.... rmmbr demand n supply

2011-12-05 04:35

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