Glomac posts lower profit, revenue for third quarter

PETALING JAYA: Glomac Bhd's net profit dropped by 72.7% for the third quarter of financial year 2017(3QFY17), registering only RM5.37 million against RM19.68 million in the previous corresponding period, due to the completion of some projects.
Revenue dropped 44% from RM158.13 million to RM 87.49 million.
“The group recorded lower revenue compared to previous corresponding quarter. However, revenue is maintained for the corresponding year to date mainly due to completion of Glomac Centro and Reflection Residences and tail end projects in Saujana Rawang,” Glomac said in its filing with Bursa Malaysia.
The group opined that the environment will remain challenging.
“With the disposal of land of RM145.6 million that was completed in the first quarter of financial year 2017, unbilled sales currently in hand and the planned future launches for the current financial year, the group’s performance for the financial year ending April 30, 2017 is expected to be satisfactory within the current environment,” it said.
For the first nine months of FY17, Glomac earned a net profit of RM109.16 million, an 87.3% rise to its net profit of the cumulative period of the preceding year, where it earned RM58.28 million. Revenue was down from RM427.18 million to RM422.9 million.