PETALING JAYA: VS Industry Bhd is remaining upbeat on its long-term prospects moving forward despite the challenging operating environment, said managing director Datuk SY Gan in a statement today.
“In the face of difficult business operating environment and uncertainties in the global economy, we are very pleased to have registered our best-ever net profit in FY19. Despite this, we are not resting on our laurels as we strive to push VS towards greater heights and continue to deliver exceptional value to our stakeholders,” he said.
Gan added the group has recently commenced mass production on a model for US-based Bissell International Trading Co BV at its dedicated facility.
“Moving ahead, there are a few more models in the pipeline and shall come on-stream soon. At the same time, we are also looking forward to further strengthening the robust relationships with our other key customers and grow our business together,” he said.
On March 1 2019, VS Industry announced that it had signed a three-year master supply agreement with Bissell to manufacture its home care products on a box-build assembly basis.
Bissell is VS Industry’s first new key customer in recent years.
However, Gan noted that 2020 would continue to present challenges for the group due to macroeconomic uncertainties.
“Furthermore, rising operating costs such as the recent minimum wage hike is also another headwind for all manufacturers including VS.
“We shall continue to manage the situation and push forward with our growth plans, backed by our hands-on leadership with close to 40 years of experience,” he said.
Gan also said he still saw various business opportunities in the electronics manufacturing services which the group would work on capitalising on, and was positive that the group would achieve satisfactory results in the coming year.
source https://www.thesundaily.my/business/vs-industry-positive-on-outlook-despite-challenges-NK1851708
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