PETALING JAYA: Globetronics Technology Bhd expects the semiconductor industry to continue experiencing challenging macroeconomic and geopolitical issues resulting in unpredictable market conditions.

In a filing with Bursa Malaysia, the group said it has taken measures and shall continue to strive to minimise any potential exposures or disruptions arising from these challenges.

For its first quarter ended March 31, 2024, Globetronics’ net profit rose to RM5.72mil from RM3.3mil in the previous corresponding quarter, mainly due to foreign exchange gain of RM1.8mil, as well as higher interest income of RM1.3mil

Revenue meanwhile dipped to RM29.9mil from RM33.13ml previously, mainly due to the lower volume loadings of products from certain of the group’s customers.

Basic earnings per share stood at 0.85 sen compared with 0.49 sen a year earlier.

Globetronics said it is actively engaging with a few potential customers to secure new business going forward.

The company said it remains cautiously optimistic and barring any unforeseen circumstances, to achieve satisfactory financial performance this year.