SENAI, MALAYSIA – V.S. Industry Berhad reported fiscal fourth quarter revenue of RM941.1 million (US$224.7 million), an increase of 6.6% year-over-year.
Profit before tax for the quarter ended July 31 was RM55.9 million, down 23.5% compared to the same period in 2020. Net profit dropped 23.6% to RM41.5 million.
The electronics manufacturing services company reported fiscal 2021 revenue of RM4 billion, growth of 23.4%. Profit before tax was RM329.1 million, up 114.6% year-over-year. Net profit for the year was RM245.3 million, an increase of 110.6% compared to fiscal 2020.
The company said solid profit was due to a favorable product sales mix in Malaysia stemming from a more diversified clientele, turnaround in performance from Indonesia, as well as much narrower losses incurred in China.
"Sales from Malaysia and Indonesia increased 28.2% and 47.5% year-on-year to RM3.48 billion and RM350 million respectively in fiscal 2021," the company said.
"We have recently commenced box-build production for a new customer from the United States,” said managing director Datuk S.Y. Gan. “Over in Indonesia, the good performance so far is expected to sustain based on current order visibility. As for operations in China, there are some preliminary discussions with prospective customers, but our immediate focus remains on cost management given the taxing environment there. The leadership is fully hands-on in managing the situation and is confident to deliver the optimal outcome for clients while keeping employees safe. With prudent planning and careful execution by the management, the company opines that the financial performance of VS Industry for the coming financial year will be satisfactory.”
Ed.: RM1 = US$0.24