SENAI, MALAYSIA – VS Industry reported MYR1.11 billion ($249 million) in revenue for its first quarter, down 2.6% from the same quarter last year.

The decline in revenue was primarily due to lower sales orders from existing customers and an unfavorable foreign exchange rate, the company said.

Revenue in Malaysia remained fairly stable with profits impacted by a net foreign exchange loss, while the Singapore segment reported a lower pretax profit for the current quarter in line with the decrease in orders delivered, the company said. Its Indonesia segment reported a 49.2% growth in revenue, driven by strong orders.

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