Friday 29 Mar 2024
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KUALA LUMPUR (April 26): Globetronics Technology Bhd rose 5.14% this morning after it posted a 27% year-on-year increase in net profit for the first quarter ended March 31, 2017 (1QFY17) to RM4.67 million from RM3.68 million.

At 9.43am, Globetronics shares rose 27 sen to RM5.52 with 605,200 shares traded, giving it a market capitalisation of RM1.49 billion.

The increase in 1Q earnings was mainly due to lower forex loss incurred during the period, according to a Bursa Malaysia filing yesterday.

During the quarter, it registered a forex loss of RM600,000 versus a forex loss of RM5 million a year ago.

Its quarterly revenue, however, fell 15% to RM49.83 million from RM58.74 million on lower volume loadings from some of its customers as a result of reduction in end-consumers' demand.

The group also announced a first interim single-tier ordinary dividend of two sen per share and a single-tier special dividend of three sen per share, bringing the payout to five sen per share for FY17 compared to seven sen per share it paid in FY16.

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