Financial News

18th May 2017 - ViTrox 1Q net profit up 19% on higher demand

KUALA LUMPUR (May 18): Penang-based ViTrox Corp Bhd, which is involved in vision inspection systems, saw its net profit for the first financial quarter ended Mar 31, 2017 (1QFY17) increase by 19% to RM18.57 million, or 7.91 sen per share, from RM15.6 million or 6.68 per share a year ago.

In a filing to Bursa Malaysia today, ViTrox attributed its improved profitability to an increase in revenue resulting from higher demand from a widened customer base.

Revenue for 1QFY17 came in 24% higher at RM69.61 million compared to RM56.03 million a year ago, due to higher contribution from Automated Board Inspection, one of the four core business units of ViTrox.

ViTrox said it is optimistic on business prospects this year, and will continue to focus on market expansion activities, customer relationship building and product innovation to grow its business further.

At market close today, ViTrox shares were down 2 sen or 0.33% to RM6.02, for a market capitalisation of RM1.4 billion.

sourced from: The Edge Market