KUALA LUMPUR (Jan 18): Steel pipes and fittings manufacturer PANTECH GROUP HOLDINGS BHD [] posted net profit of RM10.34 million in the third quarter ended Nov 30, 2011, an increase of 69.5% from RM6.09 million a year ago while it planned to expand its capacity.
It said on Wednesday its revenue increased 49.3% to RM112.65 million from RM75.43 million. Earnings per share were 2.29 sen compared with 1.36 sen. It declared a special interim single tier dividend of 1.2 sen per 20 sen share.
Pantech said its third quarter financial performance was also better than the second quarter where the revenue was RM100.58 million and net profit RM7.23 million due mainly to better products mix.
For the nine-month period, its earnings were flat at RM23.83 million compared with the RM23.88 million a year ago due to continued losses incurred by the new manufacturing plant.
However, its revenue increased by 17.4% to RM308.58 million from RM262.87 million due to improved sales from both manufacturing and trading division.
On the outlook, Pantech said the group would continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both locally and overseas.
This would see it expanding its capacity as the major pipes, fittings and flow controls solutions provider to the oil and gas industries and related upstream and down-stream industries.
“The group is of the view that the long term outlook of the oil and gas industries continues to be positive with the expected multi billions oil and gas investment under Economic Transformation Programme (ETP) announced by the government,” it said.
It said on Wednesday its revenue increased 49.3% to RM112.65 million from RM75.43 million. Earnings per share were 2.29 sen compared with 1.36 sen. It declared a special interim single tier dividend of 1.2 sen per 20 sen share.
Pantech said its third quarter financial performance was also better than the second quarter where the revenue was RM100.58 million and net profit RM7.23 million due mainly to better products mix.
For the nine-month period, its earnings were flat at RM23.83 million compared with the RM23.88 million a year ago due to continued losses incurred by the new manufacturing plant.
However, its revenue increased by 17.4% to RM308.58 million from RM262.87 million due to improved sales from both manufacturing and trading division.
On the outlook, Pantech said the group would continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both locally and overseas.
This would see it expanding its capacity as the major pipes, fittings and flow controls solutions provider to the oil and gas industries and related upstream and down-stream industries.
“The group is of the view that the long term outlook of the oil and gas industries continues to be positive with the expected multi billions oil and gas investment under Economic Transformation Programme (ETP) announced by the government,” it said.
