“The improved earnings for the current quarter despite decrease in revenue was mainly attributable to favourable product sales mix in Malaysia, ” VS Industry said in the notes to its financial statement. (File pic shows VS Industry's plant in Senai) PETALING JAYA: VS Industry Bhd’s (VS) first quarter net profit ended Oct 31, rose year-on-year (y-o-y) by almost 39% despite a fall in its revenue. Net profit was up to RM66.68mil while revenue for the quarter had fallen slightly by 4.6% y-o-y to RM987.10mil. Earnings per share (EPS) increased y-o-y to 3.56 sen from 2.62 sen. The company declared an interim dividend of 1.2 sen for the quarter. “The improved earnings for the current quarter despite decrease in revenue was mainly attributable to favourable product sales mix in Malaysia, ” the company said in the notes to its financial statement. VS said the Malaysia segment had posted a marginal decrease in revenue in the current quarter compared with the previous year’s corresponding quarter. It noted that pre-tax profit, was higher at RM92mil due to earnings contribution from a more diversified clientele that led to an overall better product sales mix. Meanwhile, the company said its China segment had recorded a higher loss for the current quarter in tandem with the decrease in revenue. “Operations in China continued to be affected by under-utilisation of capacity, absence of large orders coupled with the highly challenging operating landscape, ” the company said in the statement. VS said its Indonesia segment had recorded a lower pre-tax profit of RM0.5mil for the quarter under review compared with a pretax profit of RM1.1mil in the preceding year’s corresponding quarter mainly due to lower sales order and the absence of economies of scale. The company said it would continue to be busy fulfilling customers’ orders in the coming quarters, including several new product models that are in the pipeline for launch in 2021. “We had in August secured a new customer from the United States to produce cordless electrostatic sprayers on box-build assembly basis, and this is followed by the clinching of another new name in October to manufacture home appliances, ” VS said. It said that these new orders would fill up its existing capacity by 2021. “We have acquired six pieces of land with industrial buildings with a total land size of 413,682 sq ft in iPark @ Senai Airport City, Senai, Johor for a total consideration of RM98.8mil for future expansion, ” it said.VS said its headquarters would move to i-Park @ Senai Airport City when the new buildings are ready. The company said its financial performance for the remaining quarters would be satisfactory despite the anticipated challenges ahead with prudent planning and careful execution, backed by the encouraging order flow from customers.
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