Globetronics expects record-breaking Q1

Datuk Heng Huck Lee is confident of the group's first quarter performance, on the back of 2017 results he expects to surpass that of 2016

GEORGE TOWN: Globetronics Technology Bhd is experiencing unprecedented growth in the volume of orders, which is expected to translate into a record-breaking first quarter ending March 31.

The first quarter is generally a weak quarter for the electronics and semiconductor industries.

Group CEO Datuk Heng Huck Lee told StarBiz the group would be seeing growth in all its segments, comprising the sensor, LED, and timing device business divisions.

"This will be the best first quarter for us since 2000 as we have already received confirmed forecast for our products in the three segments from our US, European, Japanese and Asian customers.

"Together with these confirmed forecasts and demand requirements from our customers, we are confident that the performance of the first quarter will reach new heights.

"The confirmed forecast triggered us to order all the raw materials to support production for products to be delivered in the first quarter," he said.

For the first quarter 2017, the group posted RM4.6mil in net profit on the back of a RM49.8mil turnover.

"We can project conservatively the volume of orders to grow several folds in the first quarter, compared to the same period of 2017," Heng added.

According to Heng, the group will finalise the capital expenditure for this year within the next couple of weeks.

"So far we have secured three projects for 2018 and negotiating for another two, of which one is a new business venture that will make high brightness laser headlamps for the automotive industry, while the other is a new semiconductor project from an MNC," he said.

For the 2017 financial year ended Dec 31, the group is confident that its performance would surpass that of 2016, boosted by the strong sales of sensors to the smart device sector.
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