Glomac third-quarter profit seven-fold higher
KUALA LUMPUR: Glomac Bhd’s net profit jumped more than seven-fold to RM12.14mil in the third quarter ended Jan 31,2020 (3Q20) from RM1.43mil a year ago driven by more ongoing development phases and better performance by the property investment segment, complemented by overall administrative cost savings achieved.
However, in a filing with Bursa Malaysia, the company said its revenue dropped 6.3% to RM74.02mil in the quarter compared to RM79.03mil a year ago dragged by revenue from the property development segment.
“Revenue from the property development segment for the quarter and cumulative year-to-date decreased by 10% and 5% respectively compared to the previous corresponding period.
Meanwhile, its revenue from the property investment segment was derived from car park rental and mall rental income. The performance of the segment improved due to better occupancy rate at the Glo Damansara mall.