High product demand lifts ViTrox's 3Q net profit by 25%

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KUALA LUMPUR (Oct 25): ViTrox Corp Bhd today announced a 25% jump in its net profit for the third quarter ended Sept 30, 2018 to RM28.02 million from RM22.41 million a year ago, in tandem with its revenue growth.

This improved its earnings per share to 5.96 sen from 4.77 sen earlier.

Quarterly revenue grew 20.6% to RM101.77 million from RM84.36 million in the corresponding quarter last year.

In an exchange filing, the automated machine vision inspection system developer attributed its improved performance to the positive acceptance and higher demand of its products from a widened customer base.

“The increase in revenue was contributed from the increase in revenue recorded for Automated Board Inspection (ABI) and Machine Vision System (MVS).

“Revenue from ABI and MVS recorded an increase of 21% and 20% respectively against the corresponding quarter of the preceding year. The increase was mainly due to higher demand from wider customer base and positive acceptance of our products,” it said.

This brought ViTrox’s net profit for the nine-month period to RM76.04 million up 22% from RM62.32 million in the same period last year.

Revenue for the period rose by some 22% to RM284.1 million from RM231.6 million previously.

ViTrox remains optimistic on its business prospects for its current financial year ending Dec 31, 2018.

“The group will continue to focus on market expansion activities, customer relationship building and product innovation to grow our business further in the new financial year.

“Besides that, the group has taken steps to minimise its net monetary assets in order to mitigate the financial impact arising from currency fluctuation,” it added.

Shares in ViTrox closed 20 sen or 2.6% lower today at RM7.48 amid weak investor sentiments in the broader market.

The group, now valued at RM3.52 billion, has seen its share price appreciate 21% year-to-date, from its closing of RM6.176 on Dec 29, 2017.