Revenue rose 33.7% to RM1.29 billion in the quarter compared to RM968 million a year earlier. The Senai, Johor-based company declared a first interim dividend of 0.5 sen per share.

VS Industry said the better performance was due to the top and bottom-line improvements which were primarily driven by higher sales orders from existing key customers.

Managing director Gan Sem Yam said that notwithstanding the challenging environment, the company had delivered a “commendable set of results”.

“Challenges abound for FY2023 with global macroeconomic issues such as rising inflation and interest rates which have led to the rising cost of living and in turn, affected consumer sentiment and purchasing power. However, our order flow from customers remains satisfactory and we are monitoring the situation closely.

“Operationally, we continue to exercise prudence and caution to keep our costs in check. Moving forward, we are cautiously optimistic on the outlook of VS,” he added.

“Barring unforeseen circumstances, the board opines the group’s financial performance for the remaining quarters to be satisfactory,” the company said in its filing with Bursa Malaysia today.

VS Industry said its balance sheet remained healthy with net gearing at 0.19 times as at end-October 2022, backed by net assets per share of 60 sen per share and gross cash holdings of RM572.8 million.

The company, which has manufacturing facilities in Malaysia, Indonesia and China, claims to be one of the top 5 EMS corporations in Asean.

It provides vertically integrated manufacturing solutions to multinational corporations across the globe. Its services include high-precision printed circuit board assembly, plastic injection moulding, sub- and full-assembly, as well as tool design and fabrication.

The company’s share price was unchanged at 94 sen as at 4.35pm today, with a market capitalisation of RM3.58 billion.