Globetronics said it is actively exploring potential areas in advanced packaging to anchor the group’s business base.
KUALA LUMPUR: Globetronics Technology Bhd
has assured its stakeholders that APB Resources Bhd’s proposed acquisition of a 10.4% stake in the company and subsequent change in major shareholder is not expected to substantially impact its daily activities.
“We are focused on strengthening our existing business platform while strategically diversifying our customer base to exciting new growth areas such as automotive, medical and power devices in delivering healthy growth and consistent performance with our new strategic partner,” said the group in a statement.
It said it is actively exploring potential areas in advanced packaging to anchor the group’s business base.
“Committed to growth and diversification, the group is engaging in the design and development of new products alongside customers, aiming to enhance revenue and move up the value chain,” it added.
“The independent market research report suggests electrical and electronics exports from Malaysia reaching RM629.1bil in 2023 and growing at a compounded annual growth rate of 7.9%, potentially hitting RM867.83bil by 2027.
“This projected growth highlights the group’s significant potential for expansion and enhanced shareholder value.”
For the third quarter ended Sept 30, 2023, Globetronics’ net profit dropped to RM9.53mil from RM12.78mil. Revenue during the quarter was lower at RM34.63mil, compared with RM46.32mil in the previous corresponding period.
Basic earnings per share stood at 1.42 sen versus 1.91 sen previously.
In a filing with the local stock exchange on its outlook, the group said it expects the semiconductor industry to continue experiencing challenging macroeconomic and geopolitical issues, resulting in uncertain end demand, rising inflation and manpower shortages.
The group said it has taken measures and shall continue to strive to minimise any potential exposures or disruptions arising from these challenges.
