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PETALING JAYA (Sept 17): Glomac Bhd returned to the black with a net profit attributable to owners of RM7.6 million for its first quarter ended July 31, 2026 (1QFY2027).
This compared with a net loss of RM1.42 million a year earlier.
In a Bursa Malaysia filing on Thursday (Sept 17), the property developer said revenue surged 163% to RM68.53 million from RM26.05 million, mainly due to higher contributions from its property development segment.
Earnings per share stood at 0.99 sen, compared with a loss per share of 0.19 sen in 1QFY2026.
Glomac posted a pre-tax profit of RM11.31 million, reversing a pre-tax loss of RM1.17 million previously.
Property development revenue more than tripled to RM61.12 million from RM19.17 million as activities at ongoing projects increased. The segment’s operating profit rose to RM14.50 million from RM1.62 million.
Property investment revenue, mainly comprising rental income from investment properties and car parks, was broadly unchanged at RM6.60 million.
On a quarter-on-quarter basis, however, revenue fell 14.1% from RM79.75 million, while pre-tax profit declined 45.2% from RM20.64 million. Glomac attributed the weaker sequential performance to lower property development activities.
The group said it intends to build on its momentum through the execution of ongoing projects and planned launches, supported by its development pipeline and continued presence in the construction and retail sectors.
Glomac’s total borrowings declined to RM224.44 million as at end-July from RM236.98 million at end-April.
Cash and bank balances, together with fixed deposits and short-term placements, stood at RM249.46 million, while net cash generated from operating activities rose to RM42.88 million from RM4.11 million a year earlier.
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