KUALA LUMPUR (Oct 30): Lower cost of sales boosted Globetronics Technology Bhd’s net profit by 64.15% year-on-year to RM23.6 million in the third quarter ended Sept 30, 2018 (3QFY18), from RM14.38 million a year ago. 

Quarterly earnings per share (EPS) rose to 3.54 sen, from 2.17 sen previously.  

The better performance was despite a small 0.8% increase in quarterly revenue to RM87.7 million, from RM87.01 million previously.  

In a filing today, Globetronics attributed the increase in profits to better utilisation of resources and facilities, supported by a forex gain of some RM420,000 in the quarter, from RM50,000 in the same period last year.  

For the nine-month period ended Sept 30, 2018 (9MFY18), Globetronics saw net profit jump by 84.36% to RM48.13 million from RM26.11 million in the same period last year — also mainly due to better resources utilisation.  

Revenue rose 23% to RM245.72 million from RM199.77 million, thanks to higher volume loadings of products from certain customers in the group. 

“Based on the current customers' forecast, volume loadings have improved and remained strong since June 2018, with the successful qualification and manufacturing of new products,” the integrated circuits and electronic components manufacturer said.  

“The group will continue to focus on escalating up the value chain and riding on the research and development initiatives in new products design and development with our key customers, moving forward,” the filing added. 

Globetronics’ share price, which fell to a six-month low of RM2.13 on Thursday (Oct 18), has since recovered and closed up nine sen or 4.13% yesterday (Oct 29) at RM2.27, giving the group a market capitalisation of RM1.52 billion.