by ANIS HAZIM / pic credit: globetronics.com.my

GLOBETRONICS Technology Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22), surged by 79.03% to RM11.19 million from RM6.25 million a year ago due to better products’ mix achieved and foreign-exchange gains.

In a filing to Bursa Malaysia today, the group said its revenue for the quarter increased slightly by 2.67% to RM47.63 million from RM46.4 million in the previous year.

Earnings per share was 1.67 sen versus 0.93 sen in the corresponding quarter last year.

The group did not declare any dividend during the quarter under review.

On a quarter-on-quarter (QoQ) basis, its net profit came in higher by 18% from RM9.48 million recorded for 1QFY22, while revenue rose 12% from RM42.63 million.

Commenting on the prospects, Globetronics expects its operations may continue to be impacted by the Covid-19.

“In addition, the semiconductor industry continues to experience challenging macroeconomic and geopolitical issues resulting in supply chain disruption, uncertain end demand, rising inflation and manpower shortages,” it said.

Still, the group assured that it has taken measures and shall continue to strive to minimise any potential exposures or disruptions arising from these challenges.

Moving forward, Globetronics cautiously expects its financial performance to remain satisfactory for FY22 amid the uncertainties ahead.

Globetronics’ share price closed unchanged at RM1.18 today, giving it a market capitalisation of RM790 million.