Glomac 4Q net profit shrinks 94.36%

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.

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