Glomac shares fall 1.54% on lower Q1 net profit

PETALING JAYA: Glomac Bhd's share price fell 1.54% this morning, after its net profit slumped 97.5% for the first quarter ended July 31, 2017, due to the absence of an one-off gain on land disposal.
At 11.13 am, the stock stood at 64 sen with 67,600 shares changing hands. Glomac has a market capitalisation of RM466.3 million.
Glomac made a net profit of RM2.1 million during the quarter, against RM85.54 million in the previous corresponding period.
The property developer said that it expects the environment going forward will continue to be difficult.