Globetronics earnings up in Q4

In a filing with Bursa Malaysia, the group said its improved net profit was also due to the adjustments made on over accrual of expenses in the quarter.

KUALA LUMPUR: Globetronics Technology Bhd’s net profit rose 6.1% to RM17.89mil in the fourth quarter ended Dec 31, 2021 from RM16.86mil a year ago, driven by better product mix.

In a filing with Bursa Malaysia, the group said its improved net profit was also due to the adjustments made on over accrual of expenses in the quarter.

However, revenue fell about 23% to RM48.58mil in the quarter compared to RM63.15mil in the corresponding period a year ago, dragged by lower volume loadings from group’s customers.

The drop in revenue was offset by marginal improvement in net profit achieved due to products’ mix change.