Glomac's share price fall as Q2 earnings plunge

PETALING JAYA: Glomac Bhd’s share price fell 0.82% this morning after the group reported a 92.3% drop in earnings for the second quarter ended Oct 31, 2017.
At 11.12am, its share price fell 0.5 sen or 0.82% to 60.5 sen with a total of 333,500 shares traded. The stock closed unchanged at 62.5 sen on some 102,400 shares traded yesterday.
Glomac’s net profit plunged 92.3% to RM1.4 million during the quarter 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.