Globetronics Technology Bhd (GTB), a major player in the semiconductor industry, has announced its financial results for the second quarter ending on June 30, 2024 (Q2 FY2024). The Group reported a revenue of RM27.8 million, a 7.0% decrease from the previous quarter due to reduced volume loadings from key customers. This decline is attributed to the impact of ongoing macroeconomic and geopolitical challenges in the semiconductor industry.
In Q2 FY2024, the profit before tax (PBT) decreased by 17.0% to RM6.5 million from RM7.8 million, mainly because of a higher foreign exchange gain in the previous quarter compared to a loss in the current one. Despite these challenges, GTB remains focused on driving long-term growth through strategic investments and operational improvements.
The Group is actively working on introducing new products, enhancing financial performance, and securing new business opportunities to deliver value to shareholders. GTB is cautiously optimistic about its prospects for the remainder of 2024, supported by its strong cash position, prudent financial management, and strategic investments in technology and human capital to capitalize on emerging trends in the semiconductor industry.