PETALING JAYA: Amid the ongoing trade spat between the US and China, Globetronics Technology Bhd saw its net profit for the third quarter ended Sept 30 decrease 19.7% to RM18.94 million, from RM23.6 million in the previous corresponding quarter, due to lower volume loadings of products from certain customers.
The group’s quarterly revenue fell 24.4% to RM66.26 million, from RM87.7 million previously.
“The lower revenue and net profit achieved in the current period was mainly due to the phase out of certain matured products of a Japanese customer, and lower capacity utilisation and volatile volume loadings of certain products, especially in the first half of 2019,” it said in a filing with the stock exchange.
On a cumulative basis (9M19), Globetronics posted a net profit of RM30.18 million, 37.3% lower than the net profit of RM48.13 million recorded at the same time last year.
Revenue was 36% lower at RM157.36 million, from RM245.71 million.
Looking ahead, the group said it expected a strong recovery in its overall business and volume loadings in the second half of 2019.
“The group will continue to focus on escalating up the value chain and riding on the research & development initiatives in new products design and development with our key customers moving forward,” it said.
Globetronics is an integrated contract manufacturer of semiconductor-based products and services.
