VS Industry’s Q1 net profit up 38.7% to RM66.68m, its best-ever quarterly earnings

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PETALING JAYA: VS Industry Bhd saw a 38.7% increase in net profit for its first quarter ended Oct 31 to RM66.68 million, from RM48.07 million register...

The group will be busy fulfilling customers’ orders in the coming quarter. – VS Industry website pixVS Industry Bhd saw a 38.7% increase in net profit for its first quarter ended Oct 31 to RM66.68 million, from RM48.07 million registered a year before, chiefly attributed to a favourable product sales mix in Malaysia stemming from a more diversified clientele.The group recorded a 4.6% year on year decline in revenue to RM987.1 million, from RM1.

Managing director Datuk SY Gan said the group will continue to be busy fulfilling customers’ orders in the coming quarter, including several new product models that are in the pipeline for launching in 2021 by its customers. “Given the above factors, and along with the two new customers we secured in August and October 2020 respectively, we expect our existing capacity to be filled up by 2021.

“Therefore, we have acquired land and buildings that will enhance our built-up area in Malaysia by 25%, increasing the total floor space to more than two million sq ft. This will enable us to cater to the orders from our existing and new customers.” Looking ahead, Gan said the group is cognizant of the challenges and uncertainties brought about by the pandemic, but expects the situation to improve with continued containment measures adopted by various governments as well as the gradual rollout of vaccines anticipated from early 2021.

 

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