PETALING JAYA: Glomac Bhd’s net profit for its third quarter ended Jan 31 slipped 4% to RM11.66 million, from RM12.14 million reported in the corresponding quarter of the previous year attributed to an overprovision of tax expense in the previous quarter.
Revenue for the quarter increased 34.3% to RM99.39 million from RM74.02 million recorded previously.
According to the group’s Bursa filing, its property development segment saw a 45% improvement in revenue for the quarter contributed by further work progress from its new and ongoing development.
However, its property investment segment, comprising mainly car park and mall rental income, registered a 45% decline in revenue due to the adverse impact of the Covid-19 pandemic.
For the cumulative period, the group’s net profit increased 11.1% to RM23.54 million from RM21.19 million in the corresponding period of the previous year.
Revenue for the period stood at RM250.88 million, a 33.9% jump from RM187.41 million previously
Moving forward, Glomac anticipates the remaining quarter of its financial year to remain challenging as it is adversely impacted by the Covid-19 pandemic and the implementation of the various movement control orders.
Glomac said that in the coming quarter it will focus on operational improve-ments to ensure smooth construction progress for the timely delivery of its ongoing projects.