This article first appeared in The Edge Financial Daily on August 1, 2018

KUALA LUMPUR: Globetronics Technology Bhd's net profit for its second quarter ended June 30, 2018 (2QFY18) rose 32% to RM9.34 million from RM7.06 million a year ago, thanks to higher volume loadings of products from certain customers, and a foreign exchange (forex) gain of RM710,000.

In comparison, it incurred a forex loss of RM1 million in the year-ago quarter, Globetronics said in a Bursa Malaysia filing.

Its 2QFY18 revenue grew 14% to RM71.53 million from RM62.92 million. Earnings per share rose to 1.4 sen from 1.07 sen.

For the six months ended June 30, 2018 (1HFY18), Globetronics, which manufactures sensors and optical products for the semiconductor and electronics industries, reported a more than twofold increase in net profit to RM24.53 million from RM11.73 million a year ago, while revenue jumped 40% to RM158.01 million from RM112.75 million.

The higher revenue and net profit  were mainly due to the pickup in volume loadings from the mass production of new products since 3QFY17, the group said.

The group said it will continue to focus on rising up the value chain and riding on the research and development initiatives in the design and development of new products with key customers.

Globetronics shares closed unchanged at RM2.50 yesterday,  with a market capitalisation of RM1.64 billion.