VSI's Q1 net profit rises to RM9.6m [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) JOHOR BARU: V.S. Industry Bhd (VSI), listed among the world's top 50 electronics manufacturing services (EMS) providers, recorded a net profit of RM9.6 million for its first quarter ended October 31 2013, up 24.8 per cent from the corresponding period in the previous year.
Group revenue grew 33.4 per cent to RM437.3 million compared with RM327.8 million last year.
The positive top-line growth was due mainly to revenue consolidation at its China operations under Hong Kong-listed VS International Group Ltd (VSIG), which became VSI's 53.8 per cent subsidiary on July 10 2013 after the parent company acquired an additional 17.2 per cent equity stake in VSIG, said VSI in a statement yesterday.
VSIG contributed RM143.6 million, or 32.8 per cent, to group revenue in the first quarter of its fiscal 2014.
At the same time, VSI's Malaysia and Indonesia operations posted revenue of RM276.7 million, or 63.3 per cent contribution, and RM16.7 million, or 3.9 per cent contribution, respectively.
Both regions recorded lower sales year-on-year due to keener competition.
The Malaysian operations recorded an increase of 31.5 per cent in pre-tax profit to RM13.8 million from RM10.5 million, despite lower revenue.
This was due to a better sales mix with increased contributions from a new customer.
The group's China operations posted a reduced loss of RM3.1 million while its Indonesian operations saw a reduced pre-tax profit of RM0.8 million. Overall, group pre-tax profit was sustained at RM10.2 million, versus RM10.5 million previously.
"We hope to continue to integrate our operations to raise it to the next level," said VSI managing director Datuk Gan Sem Yam in the statement.
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