Glomac Revenue Dips On Due To Reduction In Property Development Activities

Glomac Bhd achieved a pre-tax profit of RM25.055 million on the back of a turnover of RM73.585 million for the quarter ending April 30, 2022 from a pre-tax profit of RM21.382 million on the back of a turnover of RM116.030 million for the same period previously.

For the whole year, the group achieved a pre-tax profit of RM57.513 million on the back of a turnover of RM259.489 million from a pre-tax profit of RM56.773 million on the back of a turnover of RM366.905 million previously

 The Group recorded a revenue of RM73.6 million (Q4FY21: RM116.0 million) for the current quarter which represents a decrease of 37% or RM42.4 million as compared to the corresponding quarter in the preceding year.

For the full financial year, the Group recorded lower revenue amounting to RM259.5 million (FY21: RM366.9 million), representing a decrease of 29% or RM107.4 million as compared to the corresponding financial year in the preceding year.

In a Bursa filing, it said that the reduction in revenue was mainly due to lower contribution from property development activities. Despite the lower revenue recorded during the financial year, the Group achieved a higher net profit in both the current quarter and financial year as compared to the preceding year. The Group’s net profit for the current quarter under review was RM19.1 million (Q4FY21: RM7.6 million) and the financial year under review was at RM40.9 million (FY21: RM31.8 million) respectively.

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