{"id":5469,"date":"2020-12-07T16:15:29","date_gmt":"2020-12-07T08:15:29","guid":{"rendered":"https:\/\/www.glomac.com.my\/?p=5469"},"modified":"2020-12-07T16:15:30","modified_gmt":"2020-12-07T08:15:30","slug":"glomac-foresees-a-challenging-year-if-covid-19-and-mco-persist","status":"publish","type":"post","link":"https:\/\/www.glomac.com.my\/ms\/glomac-foresees-a-challenging-year-if-covid-19-and-mco-persist\/","title":{"rendered":"Glomac foresees a challenging year if Covid-19 and MCO persist"},"content":{"rendered":"
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Thursday, November 26th, 2020 at , Business<\/a> | Berita<\/a>https:\/\/cdn.vuukle.com\/widgets\/powerbar.html?amp=false&apiKey=e2761d43-a04d-471c-b180-65696a616f28&host=themalaysianreserve.com&articleId=197528&img=https%3A%2F%2Fthemalaysianreserve.com%2Fwp-content%2Fuploads%2F2019%2F06%2FGlomac-1.jpg&title=Glomac%20foresees%20a%20challenging%20year%20if%20Covid-19%20and%20MCO%20persist&url=https%3A%2F%2Fthemalaysianreserve.com%2F2020%2F11%2F26%2Fglomac-foresees-a-challenging-year-if-covid-19-and-mco-persist%2F&tags=121%20Residences%2C%20Bursa%2C%20COVID-19&author=Zukri&lang=en-US&gr=false&darkMode=false&color=%23108ee9&firstImg=&secondImg=&thirdImg=&fourthImg=&fifthImg=&sixthImg=&defaultEmote=1&items=&standalone=2&mode=horizontal<\/p>\n\n\n\n

by ASILA JALIL \/ pic by TMR FILE<\/strong><\/p>\n\n\n\n

GLOMAC Bhd foresees a challenging financial year ending April 30, 2021 (FY21), due to Covid-19 and movement restrictions that limit its operations.<\/p>\n\n\n\n

The group, however, has taken steps to ensure the smooth running of its operations and lessen the impacts caused by the pandemic.<\/p>\n\n\n\n

\u201cThe directors are of the opinion that the group\u2019s performance for FY21, is expected to remain challenging as the industry is adversely impacted by Covid-19 and various phases of Movement Control Order (MCO).<\/p>\n\n\n\n

\u201cThe group has taken certain steps to circumvent and mitigate the challenges. The group is also backed by a sustainable level of unbilled sales of RM649 million and pipeline of new launches for the financial year,\u201d it said in its Bursa filing yesterday.<\/p>\n\n\n\n

The developer\u2019s earnings increased by 62.9% year-on-year (YoY) for its second quarter ended Oct 31, 2020, to RM9.12 million or 1.19 sen per share from RM5.59 million in the same period last year.<\/p>\n\n\n\n

Revenue rose 70.1% YoY to RM104.61 million in the quarter driven by its property development segment.<\/p>\n\n\n\n

The group said its turnover is expected to be strongly backed by strong unbilled sales, unless the Covid-19 and Conditional MCO (CMCO) persist.<\/p>\n\n\n\n

Its net profit for the six-month period increased by 31.3% YoY to RM11.88 million from RM9.05 million last year.<\/p>\n\n\n\n

The group\u2019s revenue for the two quarters rose by 33.6% to RM151.49 million against RM113.38 million in the same period last year.<\/p>\n\n\n\n

Glomac said revenue from its property development segment for the period jumped 81% compared to the previous corresponding period, mainly contributed by further work progress from new and ongoing phases such as Saujana Perdana located at Bandar Saujana Utama in Sungai Buloh; Plaza@ Kelana Jaya and 121 Residences in Petaling Jaya; and Saujana Rawang in Rawang.<\/p>\n\n\n\n

\u201cRevenue from property investment decreased by 23% compared to the previous corresponding period. Revenue will be challenging as the industry is adversely impacted by Covid-19 and various phases of MCO moving forward,\u201d it added.<\/p>\n\n\n\n

Revenue from the segment mainly consisted of car park rental and mall rental incomes.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Source : https:\/\/themalaysianreserve.com\/2020\/11\/26\/glomac-foresees-a-challenging-year-if-covid-19-and-mco-persist\/<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Thursday, November 26th, 2020 at , Business | Newshttps:\/\/cdn.vuukle.com\/widgets\/powerbar.html?amp=false&apiKey=e2761d43-a04d-471c-b180-65696a616f28&host=themalaysianreserve.com&articleId=197528&img=https%3A%2F%2Fthemalaysianreserve.com%2Fwp-content%2Fuploads%2F2019%2F06%2FGlomac-1.jpg&title=Glomac%20foresees%20a%20challenging%20year%20if%20Covid-19%20and%20MCO%20persist&url=https%3A%2F%2Fthemalaysianreserve.com%2F2020%2F11%2F26%2Fglomac-foresees-a-challenging-year-if-covid-19-and-mco-persist%2F&tags=121%20Residences%2C%20Bursa%2C%20COVID-19&author=Zukri&lang=en-US&gr=false&darkMode=false&color=%23108ee9&firstImg=&secondImg=&thirdImg=&fourthImg=&fifthImg=&sixthImg=&defaultEmote=1&items=&standalone=2&mode=horizontal by ASILA JALIL \/ pic by TMR FILE GLOMAC Bhd foresees a challenging financial year ending April 30, 2021 (FY21), due to Covid-19 and movement restrictions that limit its operations. The group, however, has taken steps to ensure the smooth running of its operations and lessen the impacts caused by […]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78],"tags":[],"class_list":["post-5469","post","type-post","status-publish","format-standard","hentry","category-activities","entry"],"_links":{"self":[{"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/posts\/5469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/comments?post=5469"}],"version-history":[{"count":0,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/posts\/5469\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/media?parent=5469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/categories?post=5469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/tags?post=5469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}