Pantech Q3 net profit at RM8.7mil

Pantech Group logo

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Pantech Group , profit , valves , pipes , revenue ,


Next In Business News

Oil prices settle lower on stronger supply outlook
US interest rate outlook
FM Global eyeing more overseas expansion
Cash-rich companies on Bursa
Debt not a drawback as it is an efficient tool for finance, investment
LYC plans to list unit in Singapore
AAX passengers soar on border reopening
A RM1.5 trillion debt hangover
A breath of fresh air

Others Also Read