Below expectations. Excluding RM4.9m fair value gain and RM2.4m land
sale gain but including RM3.8m adjustment for FY09 project management fee for Glomac Tower, the company registered 9MFY04/10 normalised net profit of RM24.8m (-1.2% yoy). This is below expectations, only accounting for 62- 65% of our and consensus estimates. We believe the variance against our forecast came mainly from the slower-than-expected progress billings. The company has declared an interim gross dividend of 4 sen (57% of our full-year dividend forecast) during the quarter.
Glomac Berhad : Strong Sales Recorded-24/03/2010
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