Glomac Berhad : FY04/10 Net Profit Grows 27% - 30/6/2010

Above expectations. FY04/10 net profit beat our forecast and the market consensus by 10-11%. We believe the variance against our forecast came largely from better margins as input costs eased. There were a few exceptional items comprising RM9.2m fair value gains that were roughly offset by RM1.9m provision for losses from investment in CLO sub-bonds and RM7m provision for expected losses from provision of low-cost housing in FY04/11-12.

Glomac Berhad : FY04/10 Net Profit Grows 27% - 30/6/2010