KUALA LUMPUR (June 6): Notwithstanding a fall in revenue, Glomac Bhd reported a net profit of RM23.1 million in its fourth quarter ended April 30, 2018 (4QFY18), compared with a net loss of RM965,000 a year ago, mainly on the reversal of provision for foreseeable loss and expenses.

Quarterly revenue declined 43% year-on-year to RM92.2 million from RM161.2 million, the group's Bursa Malaysia filing today showed.

The group's board recommended a final dividend of 1.5 sen per share in respect of FY18, to be approved by shareholders.

For the full year (FY18), Glomac's net profit was down 71% y-o-y to RM30.9 million from RM108.2 million, while revenue sank 31% y-o-y to RM404.7 million from RM584.1 million, mainly because the year before had recognised a one-off sale of development land for RM145.6 million.

On its FY19 plans, Glomac group executive chairman Tan Sri FD Mansor said the group intends to launch a more diverse range of products, with total estimated GDV of RM1.06 billion.

“Focus remains in the mid market and affordable segments, where the Group expects its landed residential products in townships such as Saujana Perdana and Saujana Jaya in Kulai Johor to sustain steady sales,” he added. 

Two serviced apartment projects in Petaling Jaya will also be launched. One is an integrated freehold residential development, Plaza@Kelana Jaya, which has a GDV of RM363 million. Open for registration now, the project comprises 696 serviced apartment units, accompanied by 16 three-storey shop offices, FD Mansor said. 

The second PJ project is the Centro V, located near Bandar Utama, which Glomac aims to launch in the second half of FY19. The planned development comprises SoHo units and serviced apartments, with a total GDV of RM266 million.

While FD Mansor noted that the market environment remains challenging, he said Glomac will be responsive in pacing its FY19 launches. 

He also assured that the group's balance sheet remains healthy, with a manageable net gearing position, and a strong portfolio of potential developments with available GDV of RM9 billion, primarily in the mass market segment. 

"This places the group in a strong position to accelerate launches to further drive sales and earnings, should market conditions improve,” FD Mansor added.

Glomac’s share price slipped 1.04% or 0.5 sen to close at 47.5 sen today, giving it a market capitalisation of RM376.7 million.