PETALING JAYA: V.S. Industry Bhd posted a net loss of RM19.53 million for its third quarter ended April 30, against a net profit of RM31.38 million reported in the same quarter of the previous year due to the closure of factories due to the movement control order (MCO), along with losses of RM26.9 million incurred in its operations in Indonesia.
Revenue for the period fell 43.1% to RM505.66 million from RM888.26 million recorded previously.
For the cumulative nine month period, the group saw its net profit decline by 43.4% to RM61.74 million from RM109.13 million reported in the corresponding period of the previous year.
For the period revenue fell by 19.7% to RM2.36 billion from RM2.94 billion reported previously
According to the group’s Bursa disclosure, its production in Malaysia was halted from March 18 due to the adherence to the MCO, and it has subsequently resumed operations in the latter part of April after receiving regulatory approvals to operate under the conditional MCO phase.
It stated that production pace has since picked up steadily and is currently operating at full capacity, while in compliance to the standard operating procedures.
With the resumption of operations, V.S. Industry expects to return to profitability in the coming quarter.
Nevertheless, it acknowledged that the situation remains challenging and demanding, with the overall order flow from customers during the current financial year expected to be lower than the previous year.
source https://www.thesundaily.my/business/v-s-industry-slips-into-the-red-due-to-mco-indonesian-losses-EM2619547
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