Pantech Group Holdings Bhd’s net profit for the third quarter ended Nov 30, 2018 (3QFY19) increased 11.34% year-on-year (YoY) to RM11.19 million due to better performance from its trading division.
The trading division recorded higher external revenue of RM94.44 million and higher segment pretax profit mainly due to increased in sales and delivery to local oil and gas (O&G) projects.
Revenue for the quarter decreased 10.51% YoY to RM140.16 million as a result of lower sales contribution from the manufacturing division.
The manufacturing division recorded lower external revenue of RM45.72 million and lower segment pretax profit of RM2.94 million due to the lower sales contribution from its carbon steel manufacturing plant due to the suspension on shipments to the US arising from the preliminary affirmative anti-circumvention determination on Malaysia.
Pantech continues to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both local and overseas, by expanding its capacity as the major pipe, valves and fittings solutions provider to the O&G industries, related upstream and downstream industries.