Flash Globetronics 2Q net profit jumps 108%

Written by Surin Murugiah Tuesday, 27 July 2010 17:49

KUALA LUMPUR: GLOBETRONICS TECHNOLOGY [] BHD [] net profit jumped 108% to RM7.59 million for the second quarter ended June 30, 2010 from RM3.64 million a year ago, due to mainly to continuous higher volume loadings from its key customers.

Revenue rose 31% to RM69.11 million from RM52.61 million, it said on Tuesday, July 27. Earnings per share rose to 2.87 sen from 1.39 sen a year earlier.

For the six months ended June 30, revenue rose by 41.8% to RM129.32 million from RM90.68 million, while net profit was up 2.6 times to RM13.74 million from RM3.84 million in 2009.

Globetronics said the net profit for the first half of 2009 was partly affected by impairment loss due to the shutdown of the group’s China operations.

On its prospects, it said the global economy was showing sporadic signs of improvement and the group was expected to continue to enjoy healthy volume loadings from its customers.

“Moving forward, the group will focus on escalating up the value chain and riding on the R&D initiatives in new products’ design and development.

“The group will also continue to step up efforts in improving the efficiency and cost reduction measures in its group’s operations to achieve the necessary competitive edge in the market,” it said.

Globetronics was optimistic of achieving better performance and growth in the financial year 2010.