Pantech Group for the current quarter ended 30 November 2022, registered a higher revenue of RM299.94 million
(Q3FY22: RM209.34 million) and profit before tax of RM46.69 million (Q3FY22: RM26.37million).
For the 9 months ended 30 November 2022, the Group registered higher revenue of RM840.61 million (9 months FY22: RM494.33 million) and profit before tax (“PBT”) of RM124.60 million (9 months FY22: 65.27 million).
The higher revenue and profit before tax was mainly due to better performance in both the trading and manufacturing divisions.
Variation of Results against Preceding Quarter
In the current quarter under review, the Group reported a higher revenue of RM299.94 million compared to the preceding quarter of RM269.99 million, and a higher profit after taxation (“PAT”) of RM34.66 million compared to the preceding quarter of RM31.00 million. The group achieve higher PAT mainly due to robust export demand and a better product mix
On prospects, the group believes the robust oil prices are likely to bring a positive impact to its related capital activities such as increased spending in facilities maintenance and upgrading activities in the oil and gas industry. This, it said in turn, will improve the demand for its products in both domestic and international markets. On the economic front, the Group noted recent ongoing geopolitical conflicts, rising interest rate, and rising inflation poses risks to the current economic recovery progress as well as the oil and gas demand.
Pantech said it will prudently continue to focus on its existing revenue-generating businesses and seek opportunities to grow its businesses, both local and overseas, by enhancing its competitiveness as the major pipes, valves, and fittings solutions provider to the oil and gas industries, related upstream and downstream industries.
