Glomac back in black in Q4 on reversal of provision

PETALING JAYA: Glomac Bhd returned to the black registering a net profit of RM23.1 million for the fourth quarter ended April 30, 2018 against a net loss of RM965,000 in the previous corresponding period, mainly due to the reversal of provision for foreseeable loss and expenses.
Revenue however, fell 42.8% to RM92.16 million from RM161.18 million.
Glomac’s full-year net profit sank 71.4% to RM30.92 million from RM108.18 million recorded a year before, with revenue skidding 30.7% to RM404.72 million from RM584.08 million.
In the new financial year FY19, the property developer said it plans to launch a more diverse range of products with a total estimated gross development value (GDV) of RM1.06 billion.
“Focus remains in the mid market and affordable segments, where the group expects its landed residential products in townships such as Saujana Perdana and Saujana Jaya in Kulai Johor to sustain steady sales.”
However, Glomac foresees the market environment to remain challenging, therefore it will continue to adopt a responsive approach in pacing its FY19 new launches.
On Bursa Malaysia today, Glomac closed down 1% at 47.5 sen on volume of 29,400 shares.