KUALA LUMPUR: Globetronics Technology Bhd’s earnings fell 10.6% to RM7.73 million in the third quarter ended Sept 30, 2011 from RM8.65 million a year ago following a decline in revenue.

It said on Tuesday, Oct 25 that revenue declined 7.4% to RM70.72 million from RM76.38. Earnings per share were 2.91 sen compared with 3.27 sen. It declared an interim dividend of 5.0 sen a share.

“Moving forward, the group will continue to focus on escalating up the value chain and riding on the R&D initiatives in new products’ design and development. The group will also continue to step up efforts in improving the efficiency and cost reduction measures in its group’s operations to achieve the necessary competitive edge in the market,” it said.

For the nine-month period, the earnings slipped 3.2% to RM21.67 million from RM22.39 million in the previous corresponding period. The drop in net profit by 3% is mainly caused by the increase in electricity tariff rate and end of life for certain matured products.

Revenue was higher at RM207.08 million compared with RM205.70 million.

It had cash and cash equivalent of RM92.18 million as at Sept 30, 2011 compared with RM81.80 million a year ago.

However, when compared with the second quarter,  revenue increased by 2.1% and net profit rose by 2.9% mainly due to improved volume loadings from some of the group’s key customers in the quarter.