Posted on 16 Jan 2020
Pipes and valves maker Pantech Group Holdings Bhd said new shipment of carbon steel products to the US boosted its revenue in the third quarter, but profit fell on weaker contribution from its trading division.
The group, in a filing with Bursa Malaysia today, said it sees opportunities to strengthen both local and overseas business amid positive development in the oil and gas industry.
Net profit in the third quarter ended Nov 30 slipped to RM10.3mil compared with RM11.2mil made a year a year ago.
Revenue rose 8% to RM165.5mil.
"The group will prudently continue to focus and expand on its existing revenue generating businesses and seek opportunities to grow its businesses, both local and overseas, by expanding its capacity as the major pipes, valves and fittings solutions provider to the oil and gas industries, related upstream and downstream industries," it said.
Source:The Star Online
