Pantech’s profit dips in Q4

The pipe and valve maker said its trading division posted a lower revenue and profit before tax for the quarter and financial year 2020 due to lower sales demand and delivery in local oil and gas projects.

PETALING JAYA: Pantech Group Holdings Bhd’s net profit tumbled 35.8% to RM7.23mil for the fourth quarter ended Feb 29 from RM11.28mil a year ago, dragged by a lower sales contribution from the trading division.

In a filing with Bursa Malaysia, the pipe and valve maker said its trading division posted a lower revenue and profit before tax for the quarter and financial year 2020 due to lower sales demand and delivery in local oil and gas projects.