KUALA LUMPUR: Property developer Glomac Bhd saw its net profit jump 31% to RM29.24 million or 4.06 sen per share for the fourth financial quarter ended April 30, 2015 (4QFY15), from RM22.34 million or 3.07 sen per share a year earlier, thanks to contributions from its Saujana Rawang, Glomac Centro and Reflection Residences projects.

This was despite a 4% decline in revenue to RM168.41 million from RM174.87 million for 4QFY14, mainly due to the completion of Damansara Residences and tail-end projects in Bandar Saujana Utama.

The group proposed a final dividend of 2.25 sen per share for FY15, bringing its total dividend payout to 4.25 sen per share for the year.

For the full FY15, net profit fell 20% to RM86.65 million from RM108.38 million for FY14, while revenue dropped 30% to RM472.19 million from RM676.66 million.

In a filing with Bursa Malaysia yesterday, Glomac (fundamental: 1.2; valuation: 2.4) said it achieved total sales of RM506 million for the year, with its landed residential projects and affordable townships contributing to more than 80% of the figure.

Glomac sees a challenging environment going forward, but expects to post satisfactory results for FY16, backed by its unbilled sales and future launches.

The group also has a sizeable land bank of RM7.7 billion in gross development value (GDV) to support its longer-term prospects.

“This year, Glomac is bringing to [the] market new launches with an estimated GDV of RM802 million, where the strategic focus continues to be on 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 of its 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,” said the group.

This article first appeared in The Edge Financial Daily, on June 25, 2015.