THAILAND – SVI Public Company Limited reported a net profit of $3.9 million for the first quarter. The company faced a 17.2% year-over-year revenue decline, mainly due to economic uncertainty.

Total revenue for the quarter reached $124.2 million, down 21.5% from the previous quarter. The Communication and Network segment saw the steepest drop, while Industrial Control and Automotive continued to contribute meaningfully. Gross profit fell 32.7% quarter-over-quarter to $9.9 million.

Total assets decreased to $392 million, while liabilities declined to $161 million, largely due to debt repayment.

The company expects improved performance later in the year as customer demand stabilizes and its new US manufacturing facility begins contributing.