Globetronics feels the heat

According to market statistics, Globetronics Technology Bhd led the pack with the stock falling some 16%, or 85 sen, at its close.

GEORGE TOWN: Globetronics Technology Bhd, which lost RM405mil of its market value over the last two days and reported a massive 78.5% dip in its first quarter profits, has laid blame on the twin effects of declining smartphone sales and the volatile ringgit for its woes.

Group chief executive officer Datuk Heng Huck Lee told StarBiz that orders for the core sensor products of the group had dropped substantially in the first quarter.