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VS industry post 38.6% drop in revenue

Posted on: April 1, 2009


Bernama – Wednesday, April 1

KUALA LUMPUR, March 31 (Bernama) — VS Industry Bhd, an integrated electronic manufacturing services provider, has posted 38.6 percent drop in revenue to RM382.4 million for its first half ended Jan 31, 2009.

This resulted in pre-tax profit dropping to RM15.7 million from RM55.6 million previously, the Johor Baharu-based company said in a statement today.

“The prospects for the rest of the financial year will be challenging but we are optimistic that we can still achieve profitability for the entire year,” said managing director Gan Sem Yam.

According to him, the electronic manufacturing services business will pick up again by the second half of 2009.

Gan said the company provided allowances totalling RM6.1 million in the current quarter for doubtful debts, slow-moving inventories and unrealised foreign exchange loss in US dollar-denominated loan.

“Visibility of end-user sentiment remains cloudy. Nevertheless we are continuing to work in partnership with our manufacturing-customers to develop new products amid a more discerning consumer base,” he said. — BERNAMA

SRH LC

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