V.S. Industry Berhad has announced its second quarter and first half financial results today for the period ended 31 January 2024 with 1HFY24 revenue coming in at RM2.05 billion as compared to RM2.44 billion in the prior year due to lower orders from key customers.
This led to a lower overall utilisation rate of production capacity, which impacted the bottom-line. The group reported a profit after tax and non-controlling interest of RM65 million for the period under review versus RM91.1 million in 1HFY23.
In line with its quarterly dividend payout practice, the Board has declared a second interim dividend of 0.3 sen per share for the quarter under review. This brought total dividend per share declared for the current financial period to 0.6 sen.
VS said the balance sheet continues to be healthy with a net gearing of 0.07x as at end-January 2024, supported by net assets of RM0.58 per share and gross cash holdings of RM745.3 million
Managing Director of VS, Datuk S.Y. Gan said, “The elevated cost environment at macro level continues to exert pressure on performance, while internally, lower utilisation rate in tandem with softer orders has affected profitability. However, we are seeing encouraging signs emerging that signify a positive trajectory for our operations. Notably, orders from key customers are gradually rising again underpinned by normalization of inventory level and improving sentiments. In addition, the launching of new models by certain customers serve to sustain market interest as well.”
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