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NewsGlomac posts lower pre-tax profit of RM35.455 mln in Q3
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Glomac posts lower pre-tax profit of RM35.455 mln in Q3
by Cals Wed 19 Mar 2014, 22:10
| Glomac posts lower pre-tax profit of RM35.455 mln in Q3 |
| Business & Markets 2014 |
| Written by Bernama |
| Wednesday, 19 March 2014 19:53 |
KUALA LUMPUR (March 19): Property developer, Glomac Bhd, recorded a pre-tax profit of RM35.455 million in the third quarter ended Jan 31, 2014, compared with RM37.034 million registered in the same quarter, last year.
The lower pre-tax profit was due to higher land conversion premium rates and higher construction cost, Glomac said in a statement.
Revenue grew 14.9 per cent to RM183.720 million, during the period under review, from RM159.850 million registered previously, driven by steady construction progress of its multiple ongoing projects within the Klang Valley.
For the nine months period, Glomac's pre-tax rose to RM118.870 million, from RM104.548 million previously, while revenue rose 12.7 per cent to RM501.793 million, the company said, in a filing to Bursa Malaysia today.
On prospects, the company said that the group’s performance for the financial year ending April 30, 2014, was expected to improve, given the on-going development projects and the level of work targeted for completion.
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