Glomac’s Q2 earnings plunge 92.3%


PETALING JAYA: Glomac Bhd’s net profit plunged 92.3% to RM1.4 million in the second quarter (Q2) ended Oct 31, 2017, from RM18.2 million in the previous corresponding quarter, mainly due to the one-off recognition of a government grant amounting to RM26.3 million in the previous year’s corresponding quarter.

Revenue for the quarter however increased 30.9% to RM109.9 million, compared with RM84 million in the same period last year, mainly contributed by Saujana KLIA, Lakeside Residence and Saujana Perdana projects.

For the six months period, its net profit tumbled 96.6% to RM3.51 million, against RM103.8 million a year ago, mainly due to one-off profit recognition for the disposal of land in previous year.

Revenue declined 38.2% to RM207.4 million, from RM335.4 million previously, due to a one-off land disposal for a total consideration of RM145.6 million in previous year.

On its prospects, the group’s directors said they believe that the environment going forward will continue to be difficult.

“Even with the planned future launches for the current financial year, the group’s performance for the financial year ending April 30, 2018 is expected to be challenging,” it said.

Glomac closed unchanged at 62.5 sen on some 102,400 shares traded.

Read the original story on: TheSunDaily.My