KUALA LUMPUR (March 23): Property developer Glomac Bhd said it plans to roll out RM627 million new launches in the second half of its financial year ending April 30, 2016 (2HFY16), where four out of the five planned projects are in the affordable landed residential segment.

"(For one,) new phases in Saujana KLIA (in Sepang, Selangor) comprising 345 units terrace houses with gross development value (GDV) of RM174 million, are planned for launch in the immediate future," it said in a statement today.

It is also set to unveil its Saujana Jaya township development in Kulai, Johor, as well as extension phases at its Bandar Saujana Utama township in Sungai Buloh, Selangor.

Glomac said its near term financial performance will be sustained by its unbilled sales of RM593 million as at Jan 31, 2016.

"Market sentiment remains soft, but Glomac believes that it is well placed to deliver sustained performance, due to our robust pipeline of development products in the affordable landed residential segment," it added.

The group currently has a landbank of over RM7 billion in GDV.

Meanwhile, Glomac saw its net profit fall 15.9% to RM19.68 million or 2.74 sen per share in its third financial quarter ended Jan 31, 2016 (3QFY16), from RM23.4 million or 3.23 sen a share a year ago.

The fall was attributed to the recognition of fair value on investment properties in 3QFY15.

Revenue, however, rose 42.5% to RM158.13 million in 3QFY16, from RM110.96 million in 3QFY15, due to continued contribution from projects in Puchong Lakeside Residences, Saujana Rawang, Saujana KLIA, Glomac Centro and Reflection Residences.

It also declared an interim dividend of 2 sen per share for FY16. The entitlement date and payment date will be determined later.

For the nine months period (9MFY16), its net profit grew a marginal 1.5% to RM58.28 million or 8.13 sen per share, compared to RM57.41 million a year ago; while revenue climbed 40.6% to RM427.18 million, from RM303.79 million.

Glomac shares closed unchanged at 83 sen today, for a market capitalisation of RM608.3 million.