CEO Morning Brief

Globetronics 1Q Net Profit Falls 25%, Declares Three Sen Dividend

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Publish date: Wed, 27 Apr 2022, 12:00 AM
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TheEdge CEO Morning Brief
Globetronics 1Q net profit falls 25%, declares three sen dividend

KUALA LUMPUR (April 26): Globetronics Technology Bhd said its net profit fell 24.65% to RM9.45 million for the first quarter ended March 31, 2022 (1QFY22), from RM12.54 million a year earlier, due to lower volume loadings.

Revenue dropped 23.04% to RM42.63 million from RM55.4 million in 1QFY21, the miniaturised optical sensors manufacturer's bourse filing showed.

The group attributed the lower sales and net profit to lower volume loadings from some of the group's customers and a drop in economies of scale.

On a quarter-on-quarter basis, Globetronics' net profit slumped 47.01% from RM17.89 million posted in 4QFY21, while revenue fell 12.25% from RM48.58 million.

Globetronics declared an interim dividend of three sen per share, unchanged from a year earlier.

On prospects, Globetronics said the group's operations may continue to be impacted due to the uncertainties arising from the Omicron variant of Covid-19.

As such, the group said it has taken proactive measures with high employees' vaccination rate and enhanced standard operating procedures to counter this risk.

Globetronics shares closed two sen or 1.39% higher at RM1.46, valuing the group at RM977.39 million.

Source: TheEdge - 27 Apr 2022

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