Glomac Bhd targets to accelerate the pace of new launches in the second half of this financial year ending April 30, 2020 (FY20) featuring a diverse range of products with a total estimated gross development value (GDV) of RM903.0 million. 

"The upcoming launches will remain in the mid-market and affordable segments while the landed residential projects in townships such as Saujana Perdana and Saujana KLIA continue to sustain steady sales," the property developer said in a statement yesterday in conjunction with the release of its results for the first quarter of FY20.

Glomac yesterday announced a net profit of RM3.46 million for the quarter ended July 31, 2019, up from RM1.01 million a year earlier, on lower revenue of RM51.87 million.

It said that as at July 31, its balance sheet remained robust with a cash position of RM159.9 million.

Net gearing was at a “very manageable” 0.28 times against shareholders’ funds of RM1.1 billion, while net assets per share amounted to RM1.41, the company said.

“In the near term, the property sector is expected to remain challenging as slow wage growth and tight lending policies continue to impact sales.

“That being said, the group remains optimistic that the strong portfolio of potential developments with a GDV of RM8 billion puts the group in a good position to continue offering products to the mass market as conditions improve in the future," it added.