KUALA LUMPUR (June 15): Glomac Bhd's net profit fell 26% to RM21.9 million or 3.04 sen per share in its fourth quarter ended April 30, 2016 (4QFY16) from RM29.6 million or 4.11 sen per share a year ago.

This is mainly due to provisions made for foreseeable loss and liquidated and ascertained damages (LAD) totalling RM31.7 million in the current quarter, Glomac told Bursa Malaysia in a filing today.

Revenue came in 1.32% higher at RM171.7 million compared to RM169.4 million in 4QFY15, mainly contributed by projects in Saujana KLIA (Sepang), Reflection Residences (Mutiara Damansara), Puchong Lakeside Residences and Glomac Centro in Bandar Utama.

The board has proposed a single-tier final dividend of two sen per ordinary share in respect of financial year ended April 30, 2016 (FY16).

For FY16, Glomac posted a 7.8% drop net profit at RM80.2 million or 11.17 sen per share as opposed to RM87 million or 12.01 sen per share in FY15.

"Decrease in year-to-date profit attributable to owners also resulted from lower fair value recognition for investment properties of RM10 million compared to RM30.2 million in previous year," it said.

Revenue for FY16 grew by 26.5% to RM599 million from RM473.2 million last year, Glomac said.

Moving ahead, the group said FY17 has started on a positive note with the proposed disposal of the land of RM145.6 million, which is expected to be completed soon. Nevertheless, the directors are of the opinion that the environment going forward will continue to be challenging.

"With the unbilled sales currently in hand and the planned future launches for next financial year, the group's performance for FY17 is expected to be favourable," it said.

Glomac closed half sen or 0.66% lower at 75.5 sen for a market capitalisation of RM550 million.