KUALA LUMPUR: Globetronics Technology Bhd
said it expects a decline in profitability in 2023 after posting another quarter of weaker earnings in the third quarter ended Sept 30, 2023.
In a filing with Bursa Malaysia, the manufacturer of semiconductor-based products said contributing factors to the weaker performance include softer revenue forecasts from customers, the full-year tax impact of its expired pioneer status in one of the subsidiaries, the full impact of increased minimum wages and an increase in utilities costs, it said.
"Despite these challenges, the Group remains committed in finding new and innovative ways to drive growth and profitability," it added.
In the quarter ended Sept 30, 2023, Globetronics posted a net profit of RM9.53mil, down from RM12.78mil in the year-ago quarter, representing an earnings per share of 1.42 sen as compared to 1.91 sen.
Revenue in 3QFY23 was also down to RM34.63mil from RM46.32mil.
Over the three cumulative quarters, the group's net profit was RM19.91mil as compared to RM33.42mil over the same 2022 period, while revenue fell to RM99.27mil from RM137mil in the comparative period.
