PETALING JAYA: Globetronics Technology Bhd began its new financial year on a weak footing, after its revenue and bottom line suffered a double-digit dip on a year-on-year (y-o-y) basis.

       In a filing with Bursa Malaysia yesterday, the semiconductor player reported a net profit of RM9.45mil in the first quarter (1Q) ended March 31, representing a drop of 25% y-o-y from RM12.54mil in the previous corresponding quarter.

       Revenue, on the other hand, dropped by 23% y-o-y to RM42.63mil from RM55.4mil.

       “The lower sales and net profit achieved in the current quarter were mainly due to the lower volume loadings from some of the group’s customers and drop in economies of scale,” said Globetronics.

       Earnings per share fell to 1.41 sen as compared to 1.87 sen a year earlier.

       Despite the weaker earnings, Globetronics retained its dividend per share at three sen, similar to the previous corresponding quarter that saw a stronger net profit.

       Looking ahead, Globetronics expects its financial performance to be satisfactory for the current financial year ending Dec 31, 2022.

       However, the group cautioned that its operations may continue to be impacted by the uncertainties arising from the highly infectious Omicron variant of Covid-19.

       “The group has taken proactive measures with high employee vaccination rate and enhanced standard operating procedures to counter this risk.

       “With this, the group is hopeful to minimise any potential exposure and disruptions in our supply chain.

       “The group will continue to focus on escalating the value chain and riding on the research and development initiatives in new products design and development with our key customers moving forward,” it added.