KUALA LUMPUR (Oct 28): Globetronics Technology Bhd achieved a 16.5% increase in net profits for 3Q14 ended Sept 30 to RM 17.7 million, from RM15.2 million in the corresponding period last year.

In line with improved quarterly results, Globetronics’ basic earnings per share (EPS) grew to 6.31 sen for the quarter, compared to 5.51 sen in 3Q13.

Globetronics declares dividend of 11 sen per share for the quarter, two sen higher compared with the same period in 2013.

The semi-conductor maker said, “The higher net profit achieved was mainly due to higher volume loadings from most of the group’s customers, better economy of scale, coupled with productivity improvement/cost control programme carried out in the group.”

This brings the company’s cumulative net profit for the nine month period to RM49.1 million, 24% higher than the RM39 million the same time last year.

Globetronics also chalked up higher quarterly revenue at RM91.1 million in 3Q14, against RM79.7 million, representing a 14.2% improvement.

Better revenue was attributed to healthy sales in the Malaysia and Singapore segments.

For the cumulative nine month period, Globetronics saw its revenue improve 9% to RM265.1 million, from RM242.9 million.

The company’s EPS improved 22% year-on-year to 17.49 sen for the nine-month period, against 14.33 sen in the previous corresponding period.

Globetronics closed RM 4.24 today, down 20 sen. This gives it a market capitalisation of RM1.2 billion.