Globetronics Reports Current Quarter Ended 30 September 2024 Financial Results

Revenue Rebounds Slightly Despite Challenges in Foreign Exchange Persist

PENANG, 29 NOVEMBER 2024 – Globetronics Technology Bhd  ("GTB" or the “Group”), an established player in the Outsourced Semiconductor Assembly and Test (“OSAT”) and semiconductor industry, today announced its financial results for the current quarter ended 30 September 2024. The Group posted revenue of RM29.3 million, reflecting an increase of 5.4% compared to RM27.8 million in the immediate preceding quarter ended 30 June 2024.

The revenue growth in the current quarter ended 30 September 2024 demonstrates resilience amidst a challenging macroeconomic and geopolitical environment. The improvement is attributed to better volume loadings from certain key customers, reflecting early signs of recovery in demand.

Despite the uptick in revenue, the Group faced a loss before tax of RM4.1 million for the current quarter ended 30 September 2024, as opposed to a profit before tax of RM6.5 million in the immediate preceding quarter ended 30 June 2024. This was largely due to a foreign exchange loss of RM8.1 million recorded in the current quarter, compared to a marginal gain of RM0.1 million in the immediate preceding quarter ended 30 June 2024. The foreign exchange challenges have impacted profitability, highlighting the continued headwinds faced by the industry.

The Management of GTB said, “While we have seen improvements in revenue, the overall operating environment remains challenging, particularly with the impact of foreign exchange losses. We are focused on driving operational excellence and strategic capital investments to strengthen our position in the semiconductor supply chain. Our key priorities include delivering value to our shareholders, pitching new products, and conducting qualification processes to further enhance the Group's financial performance in the coming year.”

Looking forward, GTB remains cautiously optimistic about the remainder of 2024. The Group's strong cash position and prudent financial management provide a solid foundation to navigate ongoing industry challenges while exploring new growth opportunities. The Group is prepared to capitalise on emerging trends within the semiconductor industry, supported by strategic investments in technology and human capital.

To recap, recent corporate activities also reflect the Group’s proactive approach to growth, including a strategic partnership with POET Technologies to advance photonics manufacturing, as well as a collaboration with Taiwan’s ChipMOS Technologies for integrated circuit services. These partnerships underscore Globetronics' commitment to technological innovation and expanding its presence in the global semiconductor market.