Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 3): Glomac Bhd’s net profit shrank 66.4% to RM13.17 million for its second financial quarter ended Oct 31 (2QFY15) compared with RM39.2 million in the previous corresponding period due to lower revenue.

Quarterly revenue retreated to RM86.29 million, almost 45% down against RM155.8 million a year ago.

Earnings per share (EPS) fell substantially to 1.81 sen per share against 5.39 sen per share a year earlier.

In a filing with Bursa Malaysia today, Glomac said the decline in revenue was due to completion of Damansara Residences and tail-end projects in Bandar Saujana Utama.

However, its net assets per share attributable to ordinary equity holders improved marginally to RM1.24 from RM1.22 from previous financial year.

For the six months ended Oct 31 (1HFY15), the property developer saw its net profit decline sharply to RM34.02 million from RM63.33 million a year ago, on lower revenue of RM192.83 million versus RM318.07 million in 1HFY14.

Subsequently, cumulative net earnings per share contracted 47% to 4.68 sen per share from 8.78 sen in the previous corresponding period.

Going forward, Glomac said the property market would continue to be challenging.

"However, with the unbilled sales currently in hand and the future launches, we are hopeful that the group’s performance for the financial year ending April 30, 2015 will be satisfactory," it added.

Shares of Glomac closed unchanged at RM1.05 today, translating into a market capitalisation of RM755.88 million. Some 116, 900 units shares were traded.

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