Pantech’s Q2 net profit more than doubles

PETALING JAYA: Pantech Group Holdings Bhd saw its net profit in the second quarter (Q2) ended Aug 31, 2017 more than double to RM11.75 million from RM5.14 million in the previous corresponding quarter.

Revenue for the quarter surged 51.3% to RM157 million compared with RM103.8 million in the same period last year.

In a filing with Bursa Malaysia yesterday, the group said the better performance was mainly due to the increase in sales demand from both the trading and manufacturing division arising from increased delivery to refinery and petrochemical integrated development project (Rapid) and overseas market.

For the six months period, its net profit jumped 94.4% to RM25.7 million against RM13.2 million a year ago, while revenue grew 35.5% to RM308.6 million from RM227.7 million previously.

On prospects, Pantech said it remained cautiously optimistic on the increased activities and development in oil and gas industries with the current oil price above US$50 (RM211.50) per barrel.

Pantech said it will prudently continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both local and overseas.

With the continuous development of Rapid projects and associated facilities in southern Johor, the group said it is poised to meet the requirement from these projects, which are expected to be complete in 2019.

Barring any unforeseen circumstances, the group expects its overall performance for the current financial year to remain satisfactory.

The board has approved and declared a second interim single tier dividend of 0.5 sen per ordinary shares for the financial year ending Feb 28, 2018, which will be paid on Jan 19, 2018. The total dividend per share for the current financial year is 1.5 sen single tier dividend per ordinary share. The stock gained 1.43% to close at 71 sen yesterday with 2.06 million shares traded.