KUALA LUMPUR (March 22) : GLOMAC BHD []’s net profit rose 33% to RM21.89 million in the third quarter ended Jan 31, 2012 from RM16.52 million a year earlier as the property developer’s lower cost of sales mitigated the impact of lower revenue and higher marketing, administration and finance expenses during the quarter.
In a statement to the exchange on Thursday, Glomac said its revenue fell 18% to RM145.29 million against RM176.54 million a year earlier due to the completion of several projects.
Cumulative nine-month net profit climbed 32% to RM63.53 million from RM47.96 million a year earlier while revenue was down 8% to RM407.95 million from RM443.74 million.
Glomac said it sold RM343 million worth of PROPERTIES [] during the nine month period.
In a statement to the exchange on Thursday, Glomac said its revenue fell 18% to RM145.29 million against RM176.54 million a year earlier due to the completion of several projects.
Cumulative nine-month net profit climbed 32% to RM63.53 million from RM47.96 million a year earlier while revenue was down 8% to RM407.95 million from RM443.74 million.
Glomac said it sold RM343 million worth of PROPERTIES [] during the nine month period.
