Stronger earnings expected in FY24 for Glomac

TA Research has revised upward its sales assumptions to RM380mil for FY24 and RM420mil for FY25 following the latest guidance from Glomac.

PETALING JAYA: Glomac Bhd is expected to post stronger earnings for the financial year ending April 30, 2024 (FY24), owing to the easing labour shortage issue and the consequent improvement in progress billing, says MIDF Research.

A positive sales outlook is another contributing factor to property developer’s anticipated better earnings, the research house added. MIDF Research said in a note to clients said Glomac is targeting to launch projects with a total gross development value (GDV) of RM475mil in FY24.