Monday, 30 April 2012

Pantech 4Q net profit surges 90% to RM10.68m

KUALA LUMPUR (April 30): PANTECH GROUP HOLDINGS BHD [] Net profit for the fourth quarter ended Feb 29, 2012 surged 90% to RM10.68 million from RM5.11 million a year earlier, due mainly to an increase in revenue.

The company said on Monday that its revenue for the quarter jumped 76.2% to RM128.45 million from RM72.9 million in 2011 due to improved sales demand from oil and gas sector with the on-going new projects.

Earnings per share rose to 2.37 sen from 1.14 sen, whiel net assets per share was 75 sen.

Pantech proposed a final single tier dividend of 1.3 sen per share 20 sen each amounting to RM5.84 million for the financial year ended Feb 29, 2012, subject to shareholders' approval.

For the financial year ended Feb 29, Pantech’s net profit rose 19% to RM34.5 million from RM28.99 million in 2011, while revenue rose to RM437.03 million from RM335.78 million.

Reviewing its performance, Pantech said the higher profit and revenue was due mainly to higher sales from both manufacturing and trading division, and the contribution of margin from sale of carbon steel niche products.

On its prospects, Pantech said it would continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both locally and overseas, by expanding its capacity as the major pipes, fittings and flow controls solutions provider to the oil and gas industries and related upstream and downstream industries.

“The recent oil and gas discoveries offshore Malaysia and the on-going oil and gas investment under Economic Transformation Programme (ETP) announced by the Government of Malaysia is expected to intensify capital investment in this sector.

“The Group is of the view that the long term outlook of the oil and gas industries continues to be positive and barring any unforeseen circumstances, the Group expects its overall performance for the next financial year to remain satisfactory,” it said.

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