KUALA LUMPUR: Glomac Bhd posted net profit of RM8.34 million for the first quarter ended July 31, 2009, up from the RM7.8 million a year ago.

The company said on Sept 28 that on a pre-tax level, it was up 57% at RM16.47 million versus RM10.5 million a year ago. Revenue slipped to RM58.98 million from RM79.54 million. Earnings per share were 2.99 sen versus 2.73 sen.

KUALA LUMPUR: TSR Capital Bhd has secured a RM80 million contract from the government to build part of National Space Centre in Banting, Selangor.

TSR Capital said on Sept 28 its unit TSR Bina Sdn Bhd had accepted the government’s letter for the proposed construction of Phase 3A, Space Technology Facility of the centre.

WASHINGTON: The US Treasury Department plans a new liquidity and mortgage bond purchase programme to help state finance agencies that provide mortgages to low-income borrowers, Treasury officials said.

BELFAST: Ireland’s construction output will decline by a cumulative 53% in the three years through 2011 as a property slump extends and the current supply of homes meets demand for the next four years, according to a report issued today.

I would not label myself pious but I am not about to cheat, kill or cause bodily harm to anyone, not even those I do not see eye-to-eye with. Neither would I, now or in the foreseeable future, attempt to challenge the law (Okay, some of you would call that cowardly – but hey, that’s not the subject of this discussion).

PETALING JAYA: Even though global housing markets are showing signs of tentative recovery, the market is still seen as fragile, according to Knight Frank Global House Price Index 2Q2009.

There are lessons to be learnt from the current global economic crisis. Indeed, it is crucial to learn from past mistakes to move forward. According to Paolo Garonna, the executive-secretary of the United Nations Economic Commission for Europe (UNECE), the crisis would not have become acute had real estate prices remained anchored in fundamentals.

The low-profile Mammoth Empire Holding Sdn Bhd appears to have taken a leaf out of the book of Berjaya Land Bhd and CP Group. The latter two are among property developers that have successfully ventured into the hospitality industry to diversify their earnings base.

To sell bungalows with a price tag of more than RM3 million in Cheras is certainly a daunting task for most developers, given the area’s predominantly working-class profile. However, this has not deterred Mah Sing Group Bhd from tackling the challenge head-on. The developer will be launching One Legenda in Cheras by 1Q2010 upon the completion of its show units.

Seni Nusantara Sdn Bhd’s maiden project, Kiara View, in the Sungei Penchala Malay reserve in Kuala Lumpur, has been selling well since the launch of its first phase in 2005. Although the high-end, low-density, and guarded residential development can only be sold to bumiputeras, the take-up was impressive.