VisDynamics’ 3Q net profit plunges 67% to RM1.34m

The group’s revenue also drops by 45% to RM8.5m on lower machines sales

by ANIS HAZIM / pic source:

VISDYNAMICS Holdings Bhd’s net profit in its third quarter ended July 31, 2022 (3Q22), dropped 66.66% to RM1.34 million from RM4 million in 3Q21.

Its revenue decreased by 44.76% to RM8.54 million from RM15.46 million a year prior on lower sales of machines.

Consequently, earnings per share fell to 0.77 sen from 2.32 sen last year, according to its filing to Bursa Malaysia last Friday.

For the cumulative nine-month period, the group’s net profit dropped 4.59% to RM7.26 million from RM7.61 million last year, as revenue fell 7% to RM33.66 million from RM36.2 million.

On its prospect, the group said the global semiconductor cycle is currently facing a slowdown with inventory building up, as consumer spending slows after the pent-up demand during the pandemic period.

“However, there are still some bright spots within the sector that are likely to continue to face high demand in the near to medium term, such as electric vehicles and renewable energy,” it said.

Therefore, the group is confident that it will achieve a satisfactory result for financial year 2022.

VisDynamics is principally engaged in the business of manufacturing automated test equipment with geographical areas in Malaysia, South-East Asia, North Asia, the US and others.

Its share price closed 0.67% or 0.005 sen lower last Friday, valuing the group at RM129.28 million.