Pantech posts higher Q4 pre-tax profit of RM13.7m

Pantech Group Holdings Bhd posted a pre-tax profit of RM13.729 million for the fourth quarter ended Feb 29, 2012, up from the RM6.226 million recorded in the corresponding quarter of last year.

Revenue for the three-month period also rose to RM128.452 million from RM72.907 million, previously.

For the whole financial year, Pantech Group registered a pre-tax profit of RM47.159 million from RM37.369 million last year.

Revenue for the 12-month period was also up to RM437.031 million from RM335.779 million.

In a filing to Bursa Malaysia, the company said the better annual
performance was mainly due to higher sales from both manufacturing and trading divisions, and contribution from margin of sale, of carbon steel niche products.

Moving forward, the company will continue to focus and expand on its existing revenue generating businesses.

It will also seek opportunities to grow its businesses, both locally and overseas, by expanding capacity as the major pipes, fittings and flow controls solutions provider to the oil and gas industries and related upstream and downstream industries.

Pantech Group is of the view that the long term outlook of the oil and gas industries continues to be positive, and barring any unforeseen circumstances, it expects overall performance for the next financial year to remain satisfactory. -- Bernama