KUALA LUMPUR: Pantech Group Holdings Bhd’s net profit fell 8.2% to RM10.26mil in the third quarter ended Nov 30,2019 from RM11.18mil a year ago dragged down by lower sales contribution from trading division.
In a filing with Bursa Malaysia, the group said its revenue was up 18% to RM165.51mil for the quarter compared with RM140.15mil a year ago mainly due to the increase in sales demand in manufacturing division from the commencement of shipment to the United States by carbon steel manufacturing plant.
The manufacturing division posted higher external revenue and profit before tax of RM81.63mil and RM3.35mil respectively in the 3Q19. Its earning per share for the quarter was 1.37sen. It proposed a dividend of 0.50 sen in the 3Q19.
The group is cautiously optimistic given the challenges faced by the oil and gas industries.
“The group will continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses by expanding its capacity as the major pipes, valves and fittings solutions provider to the oil and gas industries, related upstream and downstream industries, ” Pantech said.
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