Glomac profit declines on lower revenue


PETALING JAYA: Property developer Glomac Bhd’s net profit fell 66.4% to RM13.2mil in its second quarter ended Oct 31 from RM39.2mil in the previous corresponding period on lower revenue due to the completion of its Damansara Residences project and tail-end projects in Bandar Saujana Utama.

According to a filing with the local exchange, Glomac saw its revenue decrease 44.6% to RM86.3mil during the quarter under review from RM155.8mil previously.

Consequently, the group’s earnings per share for the quarter fell to 1.81 sen from 5.39 sen.

For the six-month period, Glomac’s net profit slipped 46.3% to RM34.02mil compared with RM63.33mil a year ago. Its revenue for the period fell to RM192.83mil from RM318.07mil previously.

Glomac expects its sales momentum to pick up in the second half of its financial year ending April 30, 2015, as it is targeting about RM824mil of launches.


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