KUALA LUMPUR (Feb 25): Globetronics Technology Bhd’s net profit fell 9.53% on-year to RM21.87 million in the fourth quarter ended Dec 31, 2018, from RM24.17 million a year earlier, due to lower revenue.

Earnings per share fell to 3.28 sen from 3.78 sen, the  integrated circuits manufacturer’s bourse filing showed.

Revenue in the period fell as much as 21.52% to RM82.24 million from RM104.79 million previously.

“The lower revenue and net profit in the current quarter was mainly due to lower volume loadings of certain products especially in Dec 2018 from certain customers in the group,” said Globetronics.

For the full year, Globetronic’s net profit was still 37.09% higher at RM70.12 million against RM51.15 million in the previous year, as revenue climbed 7.68% to RM327.96 million from RM304.56 million.

The gains were on the back of higher contribution from its South East Asian operations, whereas its North American operations slacked in the year, the group said.

Globetronics also attributed the better full-year performance to higher volume loadings, better utilisation of resources and facilities and foreign exchange gain against losses in the previous year.

On prospects, Globtronics said that “macroeconomic and general industry trends do not appear to offer additional support to the consumer market”.

“Based on the current customers' forecast, we expect the group's performance for the first half of 2019 to reflect the current unfavourable end market environment and subdued mobile/smartphone demand,” it said.

Shares of Globetronics fell one sen or 0.51% to close at RM1.95, giving the group a market capitalisation of RM1.3 billion.