KUALA LUMPUR, Oct 18 — Pantech Group Holdings Bhd’s net profit for the second quarter (Q2) ended August 31, 2022 doubled to RM31 million on year, lifted by the manufacturing division’s robust exports of steel products.
Revenue rose to RM269.99 million from RM136.49 million previously, the group said in a filing with Bursa Malaysia today.
For the first half of its fiscal year, Pantech’s net profit expanded to RM57.40 million from RM30.50 million. Revenue surged to RM540.66 million from RM284.99 million previously.
It said the higher revenue and profit before tax was mainly due to better performance in both the trading and manufacturing divisions.
Pantech said the better performance of the manufacturing division in the second quarter and half year was mainly due to better overall product mix and robust exports of both carbon steel and stainless steel.
The better performance in the trading division was mainly due to higher deliveries to local oil and gas projects, it added. — Bernama
