Glomac warns of difficult year, as 3Q net profit drops

  • Property
  • Wednesday, 14 Mar 2018

KUALA LUMPUR: Property developer Glomac Bhd posted a 20% drop in net profit to RM4.3mil in the third quarter ended Jan 31 amid a “difficult” operating environment.

“Even with the planned future launches for the current financial year, the group’s performance for the financial year ending April 30 is expected to be challenging,” it said in a filing with Bursa Malaysia today.

Glomac is targeting to launch RM542mil worth of new properties of mainly terrace houses and affordable homes in the current financial year, targeting “mass market” demand.

“New launches in this segment to-date have been well-received and this momentum is expected to sustain into the foreseeable future,” it said.

Property , Corporate News