Malaysian property developer Glomac Bhd’s second quarter net profit dipped by 24 per cent, due in part to less work done by the construction division.

Its net profit fell to RM7.7 million during the quarter to October 31 against RM10.22 million in the same period last year. For the first half, its net profit dipped by 27 per cent to RM15.5 million.

Despite that, the company’s quarterly revenue grew by eight per cent to RM91 million, while six-month sales rose marginally to RM170.55 million, against RM166 million in the first half of last year.

Group executive chairman Tan Sri FD Mansor said in a statement: “Our performance in the first half of this year was satisfactory, considering the difficult operating environment.”

The group recently completed Suria Stonor and its township development Bandar Saujana Utama contributed to higher sales.

“We believe our sales in affordable township products will sustain. Nonetheless, in view of the current challenging market conditions, we will be more selective in considering new launches.

“Although Glomac has earmarked more than RM1 billion worth of new projects to be launched, we will most likely assess and launch these new projects when the economy recovers and when market sentiment improves,” he said.