SENAI, MALAYSIA – VS Industry Berhad announced revenue of MYR895 million ($189 million) for the second quarter of its fiscal year, a year-over-year decrease of 22%.

For the first half of its financial year, the company's revenue of MYR2.05 billion ($433 million) marked a decrease of 16.1% compared to the same period last year.

The reduced earnings for the quarter and half-year were due to lower orders from key customers, which in turn affected the overall utilization rate of production capacity, the company said.

"The elevated cost environment at macro level continues to exert pressure on performance, while internally, lower utilization rate in tandem with softer orders has affected profitability," the company said. "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. During the period of softer orders, the Group has been busy strengthening our market positioning and value proposition to customers by further enhancing in-house capabilities. We have now successfully developed several new processes that are ready for mass production in the near future."

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