Globetronics makes RM6.2mil net profit in Q2 

KUALA LUMPUR: Semiconductor testing firm Globetronics Technology Bhd reported a higher net profit in the second quarter ended June 30 on better product mix.

The company, in a filing with Bursa Malaysia today, said net profit rose to RM6.2mil from RM5mil a year ago.

Revenue improved 3% to RM46.4mil.

"The higher net profit achieved in the current quarter was mainly due to higher volume loadings from certain of the Group's customers and better products' mix achieved," it said.

Globetronics, however, warned that its financial performance may continue to be impacted by the Covid-19 outbreak and the disruption of economic activities arising from continuous changes in the implementation of MCO, lockdown or stay at home order.

"The Group will continue to focus on escalating up the value chain and riding on the R&D initiatives in new products design and development with our key customers moving forward," it said.

While the latest quarterly results showed marked improvement from a year ago, it masked a weaker trend.

The Group’s revenue for the June quarter was 16% lower compared with the first quarter, while net profit plunged 50%, largely due to lower volume loadings of products.

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