Glomac Berhad has recently announced a stronger financial result for Q4 of the financial year with a 38.8 per cent increase to RM99.9 million while profit before tax is 195.9 per cent to RM14.5 million.

For the full financial year ended 30 April 2009, there is an 8.4 per cent revenue growth to RM351.6 million, up from RM324.3 million recorded in the previous financial year 2008. Profit before tax rose 12.9% to RM56.7 million.

YBhg Tan Sri Dato’ F.D.Mansor, Group Executive Chairman of Glomac Berhad, said that the improved performance was attributed to strong progress billings from Glomac’s ongoing projects, with maiden revenue contribution coming from Glomac Galleria, Seri Bangi and the flagship Glomac Tower. There was also a fair value gain of RM4.4 million from the sale of Wisma Glomac 3.

“In a year filled with apprehension over the state of global financial markets, I am particularly pleased with our reported results, which reflects our ability to successfully manage a development portfolio of more than 10 ongoing projects, and to deliver a resilient and uninterrupted profit track record”, Tan Sri commented.

Tan Sri added, “Prospects in the current financial year remain healthy, driven by our unbilled sales and new commercial launches. We achieved more than 50% sales for our recent launch of Glomac Damansara Phase 1, and are now looking forward to the launch of Glomac Cyberjaya by end of this month, where we believe we will be the first to make available shop offices in the Cyberjaya Flagship Zone.”

“Overall optimism is growing that the worst of the economic downturn is behind us. In the current low interest rates regime, and with construction material costs having somewhat stabilised, we should be experiencing an improved operating environment compared to last year.”