VSTECS Bhd reported a slight decline in net profit for the second quarter of 2024, falling to RM15.2 million from RM15.7 million the previous year.

The drop was due to a 7.4% rise in operating expenses and a RM1.7 million decrease in fair value gains.

However, revenue grew by 2.6% to RM624.4 million, driven by strong performance in consumer IT products and increased demand for Cloud Services.

For the first half of 2024, the company’s revenue reached RM1.24 billion, with a 3% decrease compared to the same period last year.

In other news, VSTECS has partnered with Google as the exclusive distributor for the new Google Pixel 9 series in Malaysia.

This range, including the Pixel 9 smartphone, Pixel Watch 3, and Pixel Buds Pro 2.

VSTECS’s shares closed at RM3.52 today, up 14 sen or 4.14%, bringing its market valuation to RM1.27 billion. — TMR