KUALA LUMPUR: Electronic components maker Globetronics Technology Bhd posted a steep drop in first quarter earnings as demand for mobile and smartphone devices slumped. Net profit in the three months ended March 31 fell 86% to RM3.1mil compared with RM22mil made a year earlier. "Due to the continuing global slowdown affecting our industry in particular, our revenue and net profit in the current quarter are adversely affected as the volume loadings has been drastically reduced," it said. The group said its performance in the first half of 2019 to reflect the current "unfavourable end market environment" and the subdued demand for mobile and smartphone devices. "We expect a strong recovery in our overall business and volume loadings in the second half of 2019," it said.

Source: The Star April 30, 2019 10:52 UTC