TheEdge Wed, Nov 25, 2020 08:59pm – 1 week ago<\/p>\n\n\n\n
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.<\/p>\n\n\n\n