KUALA LUMPUR: Property developer Glomac Bhd reported a lower revenue for the first quarter of the financial year ending April 30, 2024 (Q1’24). It posted a revenue of RM60.1 million, compared with Q1’23 revenue of RM65.5 million.
The decrease was attributed to a lower contribution from the property development segment, which recorded a RM6.6 million decrease at RM54.1 million (Q1’23: RM60.7 million), due to completion of several property development projects in the previous financial year and the absence of new projects launched during Q1’24.
Correspondingly, Glomac registered a lower profit before tax of RM6.2 million (Q1’23: RM7.9 million) in the current quarter.
However, in Q1’24, Glomac achieved higher new sales of RM101 million, a 94% jump compared from RM52 million in the same period of FY23.
Top-line revenue was driven by sustained construction progress from ongoing developments including current phases at Saujana KLIA as well as 121 Residences, the high-rise residential development within the Petaling Jaya-Damansara districts.
Robust sales growth was primarily driven by the full take-up of shop offices at Lakeside Boulevard II, which is the second phase of the commercial component at Lakeside Residences, Puchong. The project, comprising 49 units of shop houses with an estimated gross development value (GDV) of RM86 million, was sold out within three months from its official launch in late April.
Similarly, the latest commercial phase at the Saujana Perdana township was also well taken up since its official launch in April. The 81 shops houses with an estimated GDV of RM71 million are were almost sold out as at end-July.
