KUALA LUMPUR – VS Industry reported fiscal fourth quarter revenue slipped 15% to RM882.61 million (US$214.7 million) year-over-year. Revenue was up 74.6% sequentially.

Net profit was down 3.8% year-over-year to RM54.1 million in the fiscal quarter ended July 31, compared to a net loss of RM19.5 million in the fiscal third quarter.

The electronics manufacturing services company said net income for fiscal 2020 declined 30% to RM115.86 million compared to fiscal 2019, while revenue decreased 18.5% to RM3.24 billion.

The company attributed the lower earnings this year to losses of RM26.9 million incurred during the temporary closure of factories following the Movement Control Order imposed in the preceding quarter, in addition to lower orders from a key customer.

The board expects financial performance in fiscal 2021 will be better supported by recovery in global and local economies.

The group signed a new customer from the US in August to produce cordless electrostatic sprayers on box-build assembly. Meanwhile, orders from existing customers are rebounding compared to the fiscal third quarter.

Ed.: RM1 = US$0.24

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