Vitrox's 2Q profit grows 44.6% on lower tax provision
By Sangeetha Amarthalingam / theedgemarkets.com | August 18, 2016 : 6:35 PM MYT
KUALA LUMPUR (Aug 18): Vitrox Corp Bhd recorded 44.6% growth in net profit to RM14.42 million or 6.17 sen per share in its second quarter ended June 30, 2016 (2QFY16) compared to RM9.97 million or 4.28 sen per share a year ago, due mainly to lower provision for taxation with new pioneer status granted by the International Trade and Industries Ministry.
Revenue came in 45.5% higher at RM56.64 million from RM38.91 million in 2QFY15 due to contribution from the Machine Vision System (MVS) and Automated Board Inspection (ABI), according to its bourse filing today.
Penang-based Vitrox said revenue from MVS and ABI saw an increase of 86% and 34% respectively in 2QFY16 as a result of higher demand from customers.
In its six months ended June 30, 2016 (1HFY16), Vitrox's net profit rose 55.7% to RM30.02 million or 12.84 sen per share compared to RM19.27 million or 8.28 sen per share in 1HFY15, while revenue in climbed 56.1% to RM112.67 million against RM72.17 million a year ago.
Moving forward, Vitrox is cautiously optimistic on business prospects in the financial year ending Dec 31, 2016.
"We will continue to focus on market expansion activities, customer relationship building and product innovation to grow our business further in the remaining financial year," it said.
Vitrox closed one sen or 0.25% lower at RM3.93, valuing it at RM913.6 million.
VITROX (0097) - Vitrox's 2Q profit grows 44.6% on lower tax provision