Globetronics posts revenue of RM29.3m in Q3

PENANG: Globetronics Technology Bhd (GTB), a player in the Outsourced Semiconductor Assembly and Test (OSAT) and semiconductor industry, posted revenue of RM29.3 million for the current quarter ended Sept 30, 2024, reflecting an increase of 5.4% compared to RM27.8 million in the immediate preceding quarter ended June 30, 2024.

In a statement, the group said the revenue growth in the current quarter ended Sept 30, 2024 demonstrated resilience amidst a challenging macroeconomic and geopolitical environment. The improvement is attributed to better volume loadings from certain key customers, reflecting early signs of recovery in demand.

Despite the uptick in revenue, the group faced a loss before tax of RM4.1 million for the current quarter ended Sept 30, 2024, as opposed to a profit before tax of RM6.5 million in the immediate preceding quarter ended June 30, 2024.

This was largely due to a foreign exchange loss of RM8.1 million recorded in the current quarter, compared to a marginal gain of RM0.1 million in the immediate preceding quarter ended June 30, 2024. The foreign exchange challenges have impacted profitability, highlighting the continued headwinds faced by the industry.

The management said, “While we have seen improvements in revenue, the overall operating environment remains challenging, particularly with the impact of foreign exchange losses. We are focused on driving operational excellence and strategic capital investments to strengthen our position in the semiconductor supply chain.

“Our key priorities include delivering value to our shareholders, pitching new products, and conducting qualification processes to further enhance the group’s financial performance in the coming year.”

Looking forward, GTB remains cautiously optimistic about the remainder of 2024. The group’s strong cash position and prudent financial management provide a solid foundation to navigate ongoing industry challenges while exploring new growth oppor-tunities. The group is prepared to capitalise on emerging trends within the semiconductor industry, supported by strategic investments in technology and human capital.