Globetronics up after posting 108% jump in 2Q net profit

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Globetronics up after posting 108% jump in 2Q net profit

Business & Market 2010

Written by Surin Murugiah

Wednesday, 28 July 2010 09:59

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KUALA LUMPUR: Globetronics Technology Bhd's share price rose on Wednesday, July 28 after the company reported a 108% jump in its net profit to RM7.59 million for the second quarter ended June 30, 2010 from RM3.64 million a year ago.

At 9.46am, the stock added five sen to RM1.51 with 831,300 shares done.

On Tuesday, the company said the higher profit was due to mainly to continuous higher volume loadings from its key customers.

Revenue rose 31% to RM69.11 million from RM52.61 million, while earnings per share rose to 2.87 sen from 1.39 sen a year earlier.

For the six months ended June 30, revenue rose by 41.8% to RM129.32 million from RM90.68 million, while net profit was up 2.6 times to RM13.74 million from RM3.84 million in 2009.

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Last Updated on Wednesday, 28 July 2010 10:00

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