PETALING JAYA: Pipes and valve supplier Pantech Group Holdings Bhd’s earnings declined in the third quarter (Q3) ended Nov 30,2020, on lower contribution from its trading division.
Net profit fell 15% to RM8.7mil from RM10.27mil a year ago, while revenue dropped to RM133mil from RM166mil previously.
“The lower revenue was mainly due to the decrease in sales demand in local oil and gas sectors for the current quarter, ” Pantech said in a filing with Bursa Malaysia yesterday.
“A lower profit before tax was reported mainly due to changes in product mix and higher operating expenses, ” it added.
Going forward, the group said it remained cautious on the impact of continuous Covid-19 outbreak around the world and its resurgence in Malaysia to the economic activities and the challenges faced by the oil and gas industries.