Tuesday, 24 April 2012

Globetronics 1Q profit down 4% year-on-year

KUALA LUMPUR (April 24) : GLOBETRONICS TECHNOLOGY [] BHD []’s first quarter net profit fell 4% from a year earlier as the electronics component manufacturer registered lower revenue and higher operating cost.

In a statement to the bourse, Globetronics said net profit came to RM6.2 million in the quarter to March 31, 2012 against RM6.43 million previously. Revenue fell 15% to RM56.79 million from RM67.09 million as the company registered less turnover from China and Singapore, it said.

“Moving forward, the group will continue to focus on escalating up the value chain and riding on the research and development initiatives in new products’ design and development.

“The group will also continue to step up efforts in improving the efficiency and cost reduction measures in its group’s operations to achieve the necessary competitive edge in the market.

With the above, the group is optimistic of performing satisfactorily in financial year 2012,” Globetronics said.

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