Pantech Group Holdings Bhd’s revenue dropped 2% year-on-year (YoY) to RM149.5 million in its fourth quarter ended Feb 28, 2018 (4Q18), due to lower sales in the local oil and gas (O&G) market.
The group told Bursa Malaysia that its lower trading division’s performance is complemented by the better manufacturing division’s performance. The group’s performance was offset by the 10.9% YoY increase in its profit to RM11.2 million.
“The group’s performance was better mainly due to the increase in sales demand from both trading and manufacturing divisions, arising from the increased delivery to the Refinery and Petrochemical Integrated Development (Rapid) and oversea markets, which also translated into higher profit before tax,” it said last Friday.
The group remains optimistic on the O&G industry, while focusing on its existing revenue to grow its business in the local and international markets.
“The oil prices have surged and recovered, and we have seen an increase in activities for the upstream and downstream sectors. The group remains optimistic by expanding the capacity of the major pipes, valves and fittings solutions to the O&G market, related to the upstream and downstream sectors,” it said. The group declared a final dividend of 50 sen per share. — TMR