KUALA LUMPUR (Sept 27): Glomac Bhd posted a 97.5% decline in net profit to RM2.1 million in its first quarter ended July 31, 2017 (1QFY18) compared to RM85.54 million a year ago, as revenue fell on the absence of a one-off land sale gain, which was recorded in the previous year's corresponding quarter.

Quarterly revenue came in 61.2% lower year-on-year at RM97.49 million, against RM251.42 million previously, Glomac shared in an announcement to the stock exchange today.

In the year-ago quarter, Glomac completed the disposal of some 16.9082ha of freehold land in Cheras, Selangor, to Perbadanan PR1MA Malaysia for RM145.6 million, from which it made a gain of RM83.6 million.

In a statement, the group said the 'more measured pace' of launches over the past two years had also partly contributed to the softer earnings performance in 1QFY18.

Hence, it is planning to accelerate the pace of its new property launches in FY18, and targets to roll out some RM810 million worth of new projects this year.

Still, its directors "are of the opinion that the environment going forward will continue to be difficult", its filing read.

"Even with the planned future launches for the current financial year, the group's performance for the financial year ending April 30, 2018 (FY18) is expected to be challenging," it added.

Shares in the company closed 1 sen higher at 65 sen today, leaving it with a market capitalisation of RM473.54 million.