KUALA LUMPUR: Glomac Bhd's net profit fell 21.62 per cent to RM4.06 million in the first quarter (Q1) ended July 31, 2023 from RM5.18 million a year ago.
The lower profit was mainly impacted by higher interest rate.
The company's revenue dropped 8.20 per cent to RM60.12 million in Q1 2023 from RM65.49 million last year.
In Q1, Glomac achieved higher new sales of RM101 million, representing a 94 per cent jump from RM52 million recorded in the same period of 2023.
Robust sales growth was primarily driven by the full take-up of the shop offices at Lakeside Boulevard II, which is the second phase of commercial component at Lakeside Residences in Puchong.
The project, comprising 49 units of shop houses with an estimated gross development value (GDV) of RM86 million, was completely sold within three months from its official launch in late-April 2023.
The latest commercial phase at the Saujana Perdana township was also well taken up since its official launch in April 2023. The 81 shops houses with an estimated GDV of RM71 million, were almost sold out as at end-July.
Glomac is preparing to launch around RM700 million new projects in this financial year. This includes the maiden launch of Loop City in Puchong, a new integrated residential development located in the heart of Puchong with a total estimated GDV of RM1.57 billion.
The initial phase will comprise SoHos and serviced apartments with estimated GDV of RM338 million.
Other new launches include new phases of landed and high-rise residential units in its existing townships such as Lakeside Residences and Saujana KLIA.