Glomac posts first quarterly net loss in four years as property development revenue slumps

• Looking ahead, the group said it is planning to roll out about RM600 million worth of products in FY2026, with a focus on landed residential projects that continue to see resilient demand.

KUALA LUMPUR (Sept 17): Glomac Bhd (KL:GLOMAC) has posted a net loss of RM1.42 million for its first financial quarter ended July 31, 2025 (1QFY2026) compared with a net profit of RM7.28 million a year ago.

This marks the developer's first quarterly loss since 4QFY2020, as revenue from its property development segment fell sharply.

Quarterly revenue tumbled 64.4% year-on-year to RM26.05 million from RM73.29 million, mainly due to lower contributions from ongoing phases that are still at early stages of development.

By segment, revenue from property development dropped 71.3% to RM19.17 million, while property investment income rose 3% to RM6.55 million, according to a bourse filing on Wednesday.

Glomac’s gross profit margin, however, improved to 34.3% from 30.9% in the same quarter last year, supported by higher-margin products such as shop offices at Saujana Perdana and KEYS semi-Ds at Lakeside Residences.

Operating expenses rose 31.92% year-on-year but declined 26.06% quarter-on-quarter, while finance costs dropped 50.06% year-on-year to RM2.23 million.

No dividend was declared for the quarter.

Looking ahead, the group said it is planning to roll out about RM600 million worth of products in FY2026, with a focus on landed residential projects that continue to see resilient demand.

Upcoming launches include Serai 2 and Serai 3 terrace homes at Sungai Buloh Country Resort, new phases at Saujana Jaya in Kulai, and semi-D units at Saujana Rawang.

The group said it holds a landbank with a total gross development value of over RM6.6 billion and remains in a net cash position with RM243.2 million in cash and equivalents.

Glomac shares closed up half a sen or 1.64% at 31 sen on Wednesday, giving the group a market capitalisation of RM248 million. The stock is down over 20% year to date.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.