KUALA LUMPUR (March 19): Glomac Bhd announced today a 70.3% year-on-year net profit slump in its third quarter ended Jan 31, 2019 (3QFY19), following the completion of certain development phases and fewer ongoing phases, compared to the previous corresponding quarter.

Net profit for 3QFY19 fell to RM1.43 million or 0.18 sen per share, from RM4.82 million or 0.61 sen in the year-ago quarter.

Revenue fell 24% to RM79.03 million from RM104.02 million, on lower property development contribution as well as lower construction activities.

For the cumulative nine-month period, net profit more than halved to RM3.5 million from RM7.3 million in the same period a year ago while revenue contracted 37.7% to RM192.4 million from RM308.8 million.

Year-to-date, Glomac said it has launched RM511 million worth of new projects, making up approximately 94% of its FY19 targeted launches.

According to Glomac, the group achieved RM217 million worth of new sales during the period, slightly above RM214 million during FY18. Unbilled sales stood at RM440 million as at end-January.

The improved sales were mostly underpinned by healthy response to new project launches such as Plaza @ Kelana Jaya and its township project, Saujana Jaya, in Kulai, Johor.

Glomac expects the group’s performance for the financial year ending April 30, 2019 to remain challenging.

Shares in the thinly-traded counter closed 1.5 sen or 4.1% up at 38 sen today, giving Glomac a market capitalisation of RM296.7 million.