GLOMAC Bhd hopes to launch its joint-venture project in Puchong by the end of the year, group executive chairman Datuk Mohamed Mansor Fateh Din said.

''We are building more than 1,000 double-storey terrace houses at a site behind Tesco in Puchong. We opted to build the bread-and-butter part of the project and the land owner will develop the rest of the components in the development,'' he told a press conference in Kuala Lumpur yesterday after the group announced record revenue and profits for the financial year ended April 2003.

Since the beginning of this year, Glomac had also signed three other joint ventures with Permodalan Negeri Selangor Bhd (PNSB), Kuala Selangor Farmers Association and Perbadanan Kemajuan Negeri Selangor (PKNS).

On the group's outlook, Mansor said, it was promising as Glomac had chalked up sizeable unbilled sales of more than RM360mil to anchor earnings for the next two years.

For the financial year ended April 30, Glomac reported a 55% surge in net profit to RM29.6mil while revenue rose 24.1% to RM212.7mil, boosted by maiden contribution from its Aman Suria Damansara project in Damansara.

The group has proposed a final gross dividend of 5 sen per share, or a total of 8 sen per share, for the full year.

Source: The Star