KUALA LUMPUR: Globetronics Technology Bhd's net profit fell 40 per cent to RM4.27 million in the second quarter of financial year 2024 (2Q 2024) from RM7.1 million a year ago.
In a statement today, the semiconductor player said the weaker earnings was largely due to a foreign exchange loss.
Globetronics' revenue declined 12 per cent to RM27.8 million from RM31.5 million previously.
This was due to reduced volume loadings from some of the group's key customers, a situation that had been exacerbated by ongoing macroeconomic and geopolitical challenges affecting the semiconductor industry globally.
On its prospects, Globetronics said it focused on driving long-term growth through strategic capital investments and operational excellence despite the challenges.
"Our efforts this year include pitching new products and conducting qualification processes, with an aim to further enhance the group's financial performance in the coming year.
"Our priority remains delivering value to our shareholders while actively engaging with potential customers to secure new business opportunities," it said.
Globetronics said it remains cautiously optimistic about prospects for the remainder of 2024.
It added that the strong cash position and prudent financial management are expected to provide a solid foundation to withstand ongoing industry challenges while exploring new growth opportunities.