Globetronics records weaker 3Q net profit of RM9.53mil

KUALA LUMPUR: Globetronics Technology Bhd said it expects a decline in profitability in 2023 after posting another quarter of weaker earnings in the third quarter ended Sept 30, 2023.

In a filing with Bursa Malaysia, the manufacturer of semiconductor-based products said contributing factors to the weaker performance include softer revenue forecasts from customers, the full-year tax impact of its expired pioneer status in one of the subsidiaries, the full impact of increased minimum wages and an increase in utilities costs, it said.