Glomac’s quarterly backside line rises, buoyed by property improvement


PETALING JAYA: Property developer Glomac Bhd’s web revenue rose 37.2% year-on-year to RM11.52mil within the second quarter ended Oct 31, 2021 (Q2) from RM8.40mil a yr in the past, primarily pushed by enchancment in its gross revenue margin within the property improvement section.

In a submitting with Bursa Malaysia, the corporate mentioned the upper web revenue was additionally because of the decline in different working bills and finance value.

Nonetheless, Glomac’s income fell 28% to RM75.39mil within the quarter in comparison with RM104.61mil a yr in the past dragged by numerous phases of the motion management order (MCO).

“Income from the property improvement section for the quarter and cumulative year-to-date decreased by 28% and 31%, respectively, as in comparison with the earlier corresponding interval, primarily because of the restricted bodily building work for ongoing undertaking phases throughout the MCO which impacted the progress of building work.

“Nonetheless, new launches and ongoing phases equivalent to Saujana Perdana positioned at Bandar Saujana Utama, [email protected] Jaya, 121 Residences, Lakeside Boulevard and Sri Saujana in Johor have contributed to the income for the interval.

“The income for the group primarily derived from the property improvement section,” it mentioned.

For Q2, the group’s earnings per share stood at 1.50 sen in comparison with 1.09 sen a yr in the past.

For the group’s property funding section, Glomac mentioned income additionally dropped 20% for the quarter because the trade was adversely impacted by Covid-19 and the varied phases of the MCO.

Transferring ahead, the administrators count on the monetary yr ending April 30, 2022 (FY22) to stay difficult because of the affect of the Covid-19 pandemic and the earlier MCO restrictions.

“The group is backed by a sustainable degree of unbilled gross sales of RM526mil and pipeline of recent launches for the monetary yr,” it mentioned.

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