Established property deeloper, Glomac recorded revenue of RM65.5 million (Q1FY22: RM28.8 million) for the current quarter representing an increase of 127% or RM36.7 million as compared to the corresponding quarter in the preceding year.
The group adds the increase in revenue was mainly from the property development segment, this resulted in higher profit before tax of RM7.9 million representing an increase of 108% or RM4.1 million as compared to the corresponding quarter in preceding year.
Revenue from the property development segment for the current quarter and cumulative year-todate recorded RM60.7million representing an increase of 141% as compared to the previous corresponding period. This was mainly due to higher revenue contribution from higher sales and construction activities during the financial period under review. The Property Investment segment which mainly comprised rental income saw revenue increase by 35% or RM1.2 million.
On prospects, Glomac is of the opinion that the financial year 2023 continues to be another challenging year amidst the growing concern over inflation, labor shortage, rising interest rates, and material costs that may affect the property sector.