{"id":5476,"date":"2020-12-07T16:23:11","date_gmt":"2020-12-07T08:23:11","guid":{"rendered":"https:\/\/www.glomac.com.my\/?p=5476"},"modified":"2020-12-07T16:52:09","modified_gmt":"2020-12-07T08:52:09","slug":"glomac-2q-net-profit-surges-63-as-construction-activities-resume","status":"publish","type":"post","link":"https:\/\/www.glomac.com.my\/ms\/glomac-2q-net-profit-surges-63-as-construction-activities-resume\/","title":{"rendered":"Glomac 2Q net profit surges 63% as construction activities resume"},"content":{"rendered":"

Justin Lim<\/a>\/theedgemarkets.com<\/a>
November 25, 2020 20:59 pm +08<\/a><\/a><\/a><\/a><\/a><\/a><\/p>\n\n\n\n

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KUALA LUMPUR (Nov 25): Glomac Bhd\u2019s net profit surged 62.95% to RM9.11 million in the second quarter ended Oct 31, 2020, from RM5.59 million a year ago, driven by the resumption of construction activities post-lockdown.<\/p>\n\n\n\n

The profitability, however, was partially mitigated by higher income tax expenses, which more than doubled to RM4.57 million from RM6.23 million, the group said in a filing today.<\/p>\n\n\n\n

Revenue for the quarter rose 70.07% year-on-year to RM104.61 million from RM61.51 million.<\/p>\n\n\n\n

On a quarter-to-quarter basis, Glomac’s net profit more than tripled from RM2.78 million in the first quarter, while revenue rose 33.61% from RM46.87 million.
Glomac said revenue from the property development segment increased 81% to RM99.52 million, from RM55.13 million in the first quarter.<\/p>\n\n\n\n

This better performance was mainly the result of further work progress from new and ongoing phases such as Saujana Perdana located at Bandar Saujana Utama, Plaza @ Kelana Jaya, Saujana Rawang and 121 Residences.<\/p>\n\n\n\n

For the cumulative six-month period ended Sept 30, Glomac\u2019s net profit rose 32.76% to RM11.88 million from RM9.05 million a year ago, as revenue climbed 33.61% to RM151.49 million from RM113.38 million.<\/p>\n\n\n\n

The group said its performance for the financial year ending April 30, 2021 (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

Glomac said its revenue is expected to continue to be backed by strong unbilled sales of RM649 million, unless the Covid-19 and Conditional MCO continue to persist.<\/p>\n\n\n\n

Glomac\u2019s share price closed unchanged at 30.5 sen today, valuing the group at RM234.5 million. Some 400,300 shares were traded.S Kanagaraju<\/p>\n\n\n\n

Source : https:\/\/www.theedgemarkets.com\/article\/glomac-2q-net-profit-surges-63-construction-activities-resume<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Justin Lim\/theedgemarkets.comNovember 25, 2020 20:59 pm +08 KUALA LUMPUR (Nov 25): Glomac Bhd\u2019s net profit surged 62.95% to RM9.11 million in the second quarter ended Oct 31, 2020, from RM5.59 million a year ago, driven by the resumption of construction activities post-lockdown. The profitability, however, was partially mitigated by higher income tax expenses, which more […]<\/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-5476","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\/5476","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=5476"}],"version-history":[{"count":0,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/posts\/5476\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/media?parent=5476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/categories?post=5476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.glomac.com.my\/ms\/wp-json\/wp\/v2\/tags?post=5476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}