This article first appeared in The Edge Financial Daily on June 26, 2019

KUALA LUMPUR: VS Industry Bhd’s third-quarter (3Q) net profit grew 43.15% to RM31.38 million, from RM21.92 million a year earlier, on higher sales from key customers in Malaysia. Earnings per share for the quarter ended April 30, 2019 rose to 1.74 sen from 1.32 sen.

Quarterly revenue, however, was up a marginal 0.92% to RM889.71 million, against RM881.6 million previously, according to the group’s filing with Bursa Malaysia yesterday.

The group declared a third interim dividend of 0.8 sen per share for the financial year ending July 31, 2019 (FY19), payable on July 31.

For the first nine months of FY19, its net profit grew a marginal 0.09% to RM109.13 million, compared with RM109.03 million last year. Revenue was down 4.09% to RM2.95 billion, from RM3.07 billion.

VS Industry said its financial performance in the current financial year is satisfactory.

“Despite short-term challenges, the board remains positive about the group’s long-term prospects, underpinned by solid fundamentals, robust relationships with existing customers, strong execution skills, a recent addition of a new key customer and potential future contract wins,” the group said.