KUALA LUMPUR (April 27): Miniaturised optical sensors manufacturer Globetronics Technology Bhd saw its net profit rose 15.15% to RM12.54 million in the first quarter ended March 31, 2021 (1QFY21) from RM10.81 million a year earlier.
Earnings per share rose to 1.87 sen from 1.63 sen as a result.
Its quarterly revenue also rose by 2.74% to RM55.4 million from RM53.92 million a year earlier, its filing with the local bourse today showed.
The group said the higher net profit for the current quarter was mainly due to higher volume loadings from certain of the group’s customers and better economy of scale achieved.
On a quarterly basis, its net profit dropped 25.64% from RM16.86 million, while revenue fell 12.28% from RM63.15 million.
On prospects, Globetronics said its financials may continue to be impacted by the Covid-19 outbreak, adding that it has taken strong initiative to mitigate the exposure and disruption in the supply chain.
“Based on our customers’ recent forecast and guidance, the group may expect volatile and fluctuating loadings for certain products in the coming financial quarters,” it said.
Globetronics closed two sen or 0.8% lower at RM2.47, translating into a market capitalisation of RM1.65 billion. The counter has dropped 24% from its peak of RM3.25 on Feb 15.
