PETALING JAYA: Glomac Bhd saw its net profit for the first quarter ended July 31, 2021 (Q1) declining to RM1.73mil compared to a net profit of RM4.39mil a year ago amid a difficult operating environment due to the Covid-19 pandemic.
Revenue came down to RM28.84mil from RM46.87mil previously. Revenue for the quarter was driven by ongoing phases in Saujana Perdana, Plaza@ Kelana Jaya, Saujana Rawang, Lakeside Boulevard and 121 Residences.
Nonetheless, the group said its balance sheet remained robust, with a cash position of RM189.9mil as at end-July. Its net gearing stood at a manageable 0.26 times and net assets per share was at RM1.45.
Glomac will be launching RM282mil of new products this year, which it noted was timely considering that most of the group’s launched residential products are almost sold and economic restrictions are also easing.
“Planned new launches comprise mainly landed residential phases within the mid-market and affordable segments that have continued to garner solid response from our buyers.
“New launches also include the debut of Saujana Utama 5 in Sungai Buloh, our much-anticipated new residential township with an estimated gross development value (GDV) of RM299mil,” it said in a statement.
Moving forward, Glomac will continue to drive its sales momentum by focusing on converting sales from ongoing high rise residential developments such as Plaza@ Kelana Jaya and 121 Residences, as well as new launches.
“The lifting of economic restrictions and the resumption of construction activities will reflect positively on near-term performance, supported by Glomac’s RM580mil unbilled sales,” it added.
It remains cautious of the lingering impact from the Covid-19 pandemic on the property market and sentiment. However, longer-term prospects remain intact.
Given its healthy balance sheet, Glomac said it is well placed to accelerate development activities, tapping into its strong development GDV of RM8bil.