VS Industry recorded a revenue of RM1.16 billion, an increase of 15.7% or RM157.3 million as compared to the previous year’s corresponding quarter. Profit before tax, meanwhile, grew by RM55.9 million to RM94.4 million over the same period.
For the financial year ended 31 July 2023, the group posted a revenue of RM4.59 billion, an increase of RM685.7 million or 17.5% as compared to the corresponding period of the preceding year of RM3.91 billion. Profit before tax stood at RM245.6
million which was 19.4% or RM39.9 million higher over the same period.
The group said the improved earnings were mainly attributable to higher sales orders from existing customers, coupled with the absence of impairment on investment in associate of RM26.8 million and lower impairment loss on plant and equipment of RM4.7 million recognised during the period. Note that similar impairment loss on plant and equipment of RM12.4 million was recorded in the previous year corresponding quarter
For the current quarter and cumulative quarters, the Malaysia segment posted a 5.2% and 25.3% increase in revenue respectively due to higher sales orders from key customers. Profit before tax, was up for the current quarter and cumulative quarters in the absence of one-off (non-cash) impairment on investment in associates as mentioned above. Operational cost, however, remained heightened with higher labour cost, electricity tariff and financing cost.
Looking ahead, the group has experienced uptick in sales orders over the past quarter and expect this momentum to sustain into the next financial year based on communications with customers which is supported by new models launching.
The Board announces a proposed final dividend of 0.5 sen for the financial year ended 31 July 2023.
