Glomac shares up 3.16% after returning to the black

PETALING JAYA: Glomac Bhd, which returned to the black in the fourth quarter ended April 30, 2018, saw its share price rise 3.16% this morning.
At 11.11am, its share price rose 3.16% or 1.5 sen to 49 sen with 187,600 shares traded. The stock closed 1% lower at 47.5 sen yesterday with a total of 29,400 shares done.
The property developer reported a net profit of RM23.1 million during the quarter against a net loss of RM965,000 a year ago, mainly due to the reversal of provision for foreseeable loss and expenses.
However, revenue fell 42.8% to RM92.16 million from RM161.18 million.
Its 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.