KUALA LUMPUR: Glomac Bhd reported a net profit of RM1.95 million for the third quarter ended Jan 31, 2025 (3QFY25), down 49 per cent from RM3.81 million in the corresponding quarter last year.
The lower earnings were primarily due to reduced contributions from completed phases of its developments and higher operating costs.
Revenue for the period stood at RM33.7 million, compared to RM89.4 million in 3QFY24, dragged down by lower contributions from ongoing projects.
Glomac said it remains confident in its growth trajectory, underpinned by a strong landbank exceeding RM7 billion and its Sharia-compliant sukuk wakalah programme, which offers a funding capacity of up to RM3 billion.
With an estimated future gross development value (GDV) surpassing RM7 billion, the group is set to expand its development footprint by introducing new residential and commercial phases in its well-established townships.
These projects, including Lakeside Residences, Saujana KLIA and Saujana Jaya in Johor, boast a combined GDV of RM298 million.
-NewStraitsTime