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PETALING JAYA: Pantech Group Holdings Bhd will be navigating its business strategies carefully, as it remains cautious over the outlook of the global economic environment.
Executive chairman and group managing director Datuk Chew Ting Leng said the challenging business landscape required careful tactical navigation as the group stays on course in its strategies.
“Pantech Group remains cautious of the risks in our operating environment, prioritising and exercising efficient management of company resources to capitalise on situations and market opportunities to further expand our footprint,” he said in the company’s latest annual report.
The group is involved in the manufacture, supply and distribution of pipes, valves and fittings for fluid handling systems.
With countries cautiously reopening borders during its financial year ended Feb 28, 2022, Chew said economic recovery began as business activities reignited.
“Our vigilance in choosing to optimise existing resources while monitoring economic recovery progress has helped to conserve cash resources.”
Over the past financial year, Chew noted that the oil and gas (O&G) industry continued its recovery trajectory with Brent prices surpassing initial estimates.,
“Prices of Brent crude surged following Russia’s invasion of Ukraine. It should be noted that the recovery of oil prices will not have an immediate favourable impact on the O&G industry due to the lag effect.
“The group keeps a watchful eye on global developments and implements a prudent action plan to turn risk into opportunity.”
For its fourth quarter ended Feb 28, 2022, Pantech’s net profit rose to RM21.27mil from RM12.55mil in the previous corresponding period, boosted by higher earnings from its manufacturing division. Revenue surged to RM258.87mil from RM136.25mil a year earlier.
For the financial year ended Feb 28, 2022, Pantech’s net profit improved to RM72.13mil from RM26.47mil in the previous corresponding period, while revenue grew to RM753.20mil from RM486.26mil.
In a note on its 2022 financial year results, Pantech said the gradual reopening of international borders around the world and Malaysia, together with economic recovery from Covid-19 will continue to bring a positive impact to businesses and O&G demand.
In a recent report, TA Research said Pantech will benefit from the revival in O&G activities following the easing of Covid-19 headwinds.
“During the pandemic, the rollout of O&G Capital expenditure (capex) was inhibited by the movement control order restrictions.