PETALING JAYA: Glomac Bhd’s net profit for the third quarter ended Jan 31, 2019 plunged 70.3% to RM1.43 million from RM4.82 million a year ago, mainly due the completion of certain development phases and lesser on-going phases.
The group reported 24% lower revenue of RM79.03 million during the quarter under review, compared with RM104.02 million in the previous corresponding quarter.
For the nine-month period, Glomac’s net profit more than halved to RM3.5 million from RM7.3 million a year ago, while revenue dropped 37.7% to RM192.4 million from RM308.8 million.
In a statement, Glomac said it achieved RM217 million worth of new sales during the nine-month period, exceeding total sales reported during FY18 of RM214 million and driving unbilled sales to RM440 million as at end-January 2019.
Year-to-date, Glomac has launched RM511 million worth of new projects, making up 94% of FY19 targeted launches.
The new launches remain in the mid-market and affordable segments whilst our matured landed residential projects in townships such as Saujana Perdana in Sungai Buloh, Selangor and Saujana Jaya in Kulai, Johor continue to sustain steady sales.
