KUALA LUMPUR (July 26): Pantech Group Holdings Bhd's net profit for its first quarter ended May 31, 2017 (1QFY18) rose 63.72% to RM13.96 million, from RM8.09 million a year earlier, on higher sales demand from both its trading and manufacturing divisions.

Quarterly revenue rose 22.23% to RM151.5 million from RM123.94 million, the pipes and fittings manufacturer said in a filing with the stock exchange today.

The group said its trading division recorded a 17% increase in external revenue to RM93.23 million, and 73.14% in segmental profit before tax to RM5.42 million, mainly due to the higher sales demand and delivery in its Refinery and Petrochemical Integrated Development (Rapid) projects.

Meanwhile, the manufacturing division saw a 31.63% increase in quarterly revenue to RM58.26 million and 40.31% increase in segmental profit before tax to RM1.58 million from better overseas sales demand.

Pantech declared a first interim dividend of 0.5 sen per share and a special interim dividend of 0.5 sen per share in respect of its financial year ending Feb 28, 2018. The dividends will be paid on Oct 24.

This brings the total payout for the year to 1 sen per share.

Going forward, Pantech said it is poised to meet the requirements of its Rapid projects and associated facilities in southern Johor, which are expected to be completed in 2019.

Separately, Pantech announced the retirement of its independent and non-executive directors, Yusoff Mohamed, Tan Sui Hin, and Loh Wei Tak.

Nooraini Mohd Yasin, Lim Yoong Xao, and Datuk Seri Yap Tian Leong were appointed to the board to fill the same capacities.

Nooraini was also appointed chairperson of the remuneration committee.

Shares in Pantech closed up 1 sen or 1.6% at 63.5 sen today, with some 2 million shares traded. The group has a market capitalisation of RM471.1 million.