CEO Morning Brief

ViTrox Posts 34% Drop in 1Q Earnings, Declares 4.15 Sen Final Dividend for FY2022

Publish date: Fri, 28 Apr 2023, 08:57 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (April 27): Penang-based automated test equipment maker ViTrox Corp Bhd saw its net profit decline 34% year-on-year (y-o-y) to RM32.99 million for the first quarter ended March 31, 2023 (1QFY2023), down from RM50.02 million a year ago.

In a filing with Bursa Malaysia, ViTrox said the weaker earnings performance was mainly due to the absence of reversal of provision of taxation as pioneer status extension for its wholly-owned unit ViE Technologies Sdn Bhd.

Earnings per share decreased to 3.49 sen for 1QFY2023, compared with 5.30 sen for 1QFY2022.

The technology firm’s revenue fell 28% y-o-y to RM133.33 million for 1QFY2023, down from RM185.28 million previously, dragged by lower demand for machine vision systems, amid the headwinds of a global semiconductor downturn.

Separately, ViTrox declared a final dividend of 4.15 sen per share for FY2022, payable on July 14. This brings dividends for the full year to 5.4 sen, lower than 5.83 sen for FY2021.

Looking ahead, the vision-inspection equipment manufacturer said it remains cautiously optimistic about its business prospects for the second half of 2023, despite operating in a challenging environment.

“The group will continue to focus on long-term growth strategies to well prepare for a strong rebound in the near future.

“In the first quarter, the group remained steadfast in addressing the talent shortage problem by officially launching ViTrox College on Feb 10. ViTrox College is aimed at attracting and nurturing local talent in order to solidify Penang’s position as the talent magnet in the northern region,” it added.

Shares in ViTrox ended nine sen or 1.13% lower at RM7.90 on Thursday (April 27). This brought its market capitalisation down to RM7.46 billion.

Source: TheEdge - 28 Apr 2023

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