KUALA LUMPUR: Frontken Corp Bhd is optimistic about wafer foundry sales remaining strong due to tight supply and continued strong demand.

       In a statement, the group said the projected increase in production by its semiconductor customers and persistent high demand for chips would be positive for its business.

       On the oil and gas segment, the group said it was significantly busier in the first quarter of this year and, barring any unforeseen circumstances, the momentum would likely continue throughout the year.

       The group is a leading provider of support services to the semiconductor industry.

       For its first quarter ended March 31, the group’s net profit rose 16% year-on-year to RM26.5mil while revenue was 15% higher at RM119.15mil.

       The higher revenue was mainly contributed by its subsidiaries in Taiwan and Malaysia.