Globetronics FY2022 net profit fell 14 pct to RM45.46m

KUALA LUMPUR: Globetronics Technology Bhd’s net profit fell 14 per cent to RM45.46 million for the financial year ended Dec 31, 2022 (FY2022) from RM52.94 million in the previous year due to lower volume loadings from certain of the group’s customers.

Revenue also fell to RM180.05 million from RM206.04 million previously.

In a filing with Bursa Malaysia today, the semiconductor manufacturer said its South East Asia and North America segments recorded a sales decrease as compared to last year.

Meanwhile, for the fourth quarter (4Q) that ended Dec 31, 2022, Globetronics recorded a lower net profit of RM12.05 million from RM17.89 million, attributed to lower volume loadings from customers and a drop in economy of scale, forex loss and higher tax expense.

Revenue decreased 11 per cent to RM43.05 million from RM48.58 million in the previous corresponding quarter.

Looking ahead, Globetronics said that the semiconductor industry continues to experience challenging macroeconomics and geopolitical issues resulting in supply chain disruption, uncertain end demand and rising inflation.

“In our local operating environment, the group will experience higher utilities and labour costs due to the change in new government policies,” it said.

Globetronics expects the financial performance to be lower this year in view of the lower customers’ demand, challenging operating environment and uncertain market conditions.

It added that the group would prioritise its business strategies and optimise resource utilisation to ensure sustainability and strengthen its business fundamentals. – Bernama