Globetronics’ earnings up 16.5% in 3Q

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KUALA LUMPUR: Globetronics Technology Bhd posted a 16.5% increase in net profit for the third quarter ended Sept 30, 2014 (3QFY14) to RM17.7 million from RM15.2 million a year ago.

In line with improved quarterly results, Globetronics’ basic earnings per share (EPS) grew to 6.31 sen in the quarter, compared with 5.51 sen in 3QFY13.

“The higher net profit achieved was mainly due to higher volume loadings from most of the group’s customers, better economies of scale, coupled with productivity improvements/cost-control programmes carried out in the group,” it said in a filing with Bursa Malaysia yesterday.

Revenue was also higher at RM91.1 million in 3QFY14, against RM79.7 million, representing a 14.2% improvement. This was attributed to healthy sales in its Malaysia and Singapore segments. The semiconductor maker declared an interim dividend of 11 sen per share for the quarter, two sen higher compared with the same period in 2013.

This brings the group’s cumulative net profit for the nine-month period (9MFY14) to RM49.1 million, 24% higher than the RM39 million a year ago.

 

This article first appeared in The Edge Financial Daily, on October 29, 2014.