KUALA LUMPUR (June 22): A loss in “other operating income” has dragged Glomac Bhd’s fourth-quarter net profit down 94.36% to RM1.28 million, from RM22.64 million a year earlier. Earnings per share for the quarter ended April 30, 2017 (4QFY17) came down to 0.18 sen from 3.14 sen in 4QFY16.

The property developer, in a filing with Bursa Malaysia, said revenue fell 16.12% to RM158.89 million from RM189.42 million, mainly due to completion of Glomac Centro and Reflection Residences, and tail-end projects in Saujana Rawang.

The group’s full-year net profit for the financial year ended April 30, 2017 (FY17) grew 36.46% to RM110.44 million from RM80.93 million in FY16 despite a dip in revenue to RM581.79 million, down 5.65% from RM616.6 million.

Going forward, Glomac said it plans to open initial phases of terrace houses for launch at its new developments in Saujana Utama 5 in Sungai Buloh, Selangor, and Saujana Jaya in Kulai, Johor.

This article first appeared in The Edge Financial Daily, on June 22, 2017.

For more stories, download TheEdgeProperty.com pullout here for free.

  1. Glomac says 3Q profit fell as property development business hit by MCO
  2. Glomac posts 1Q net profit of RM1.73m, plans RM282m new launches in FY22
  3. Kerjaya Prospek Property buys land from Asia Pac Holdings for RM42m cash