Glomac shares rise despite lower earnings in Q1
20 Sep 2018 / 11:53 H.
PETALING JAYA: Glomac Bhd’s share price rose as much as 1.22% this morning despite reporting lower earnings in the first quarter ended July 31.
The stock traded at a high of 41.5 sen during early trade, half sen higher than its last adjusted closing price of 41 sen. At 11.29am, the share price stood at 41 sen with 31,000 shares traded.
During the quarter, Glomac’s net profit fell 31.6% to RM1 million from RM1.47 million a year ago while revenue fell 40.1% to RM57.6 million from RM96.2 million a year ago.
The group attributed the lower revenue to the completion of certain phases of Saujana KLIA in the previous financial year and lower construction activities during the quarter.