Frontken Corp Bhd’s net profit for the third quarter ended Sept 30, 2018 (3Q18) jumped 65.29% year-on-year (YoY) to RM15.19 million mainly due to improved performances by the group’s subsidiaries in Taiwan, Singapore, Malaysia and the Philippines.
In an exchange filing yesterday, the tech concern noted its wholly-owned subsidiary, Frontken (Singapore) Pte Ltd, has disposed its entire 49% equity interest in an associate, Frontken (Thailand) Co Ltd, which resulted in a gain on disposal of RM650,000.
Revenue for the quarter increased by 9.21% YoY to RM85.86 million due to the same reasons.
As a result of the positive growth of the semiconductor business, the group’s subsidiaries in Taiwan and Singapore achieved an improved business performance of 3.8% and 10.7% respectively compared to the preceding year corresponding quarter, its filing noted.
Its subsidiaries in Malaysia and the Philippines also recorded better performance due to new works secured in light of recovery in the oil and gas industry it added.
Frontken declared an interim single tier dividend of 0.7 sen in respect of the financial year ending Dec 31, 2018. The entitlement and payment dates will be announced at a later date.