PETALING JAYA: Property developer Glomac Bhd
’s net profit rose 37.2% year-on-year to RM11.52mil in the second quarter ended Oct 31, 2021 (Q2) from RM8.40mil a year ago, mainly driven by improvement in its gross profit margin in the property development segment.
In a filing with Bursa Malaysia, the company said the higher net profit was also due to the decline in other operating expenses and finance cost.
However, Glomac’s revenue fell 28% to RM75.39mil in the quarter compared to RM104.61mil a year ago dragged by various phases of the movement control order (MCO).
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