[V.S INDUSTRY BHD，美元/令吉外汇汇率波动及可能影响营运成本的法规变动]
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For the current quarter under review, profit before tax decreased 59.3% or RM41.4 million to RM28.4 million over the same period. For the nine months period ended 30 April 2018, profit before tax stood at RM151.3 million, a decline of 14.0% or RM24.5 million over the same period. The reduced earnings for the current quarter and cumulative period was mainly attributable to lower gross margin caused by higher raw material prices as well as labour costs, and net foreign exchange loss.
The lower profit before tax over the same period was largely owing to significant reduction in earnings contribution from the US customer following the planned cessation of production for certain models that had reached end of product lifecycle. Meanwhile, other factors such as operational efficiency for the box-built assembly lines that has yet to achieve desired level, set-up and testing costs associated with an upcoming new production line and higher labour costs affected the gross profit margin. For the cumulative quarters, Malaysia segment recorded lower profit before tax despite higher sales orders from key customers, largely owing to similar reasons mentioned above.
The loss before tax incurred for the quarter under review was attributed to underutilisation of production capacity.
China segment recorded lower revenue for the current quarter as a result of lower sales orders completed. Consequently, lower profit was recorded in line with the decline in revenue. For the cumulative quarters, China segment registered lower profit before tax on the back of lower sales, increase in raw material costs and labour costs, and coupled with competitive operating environment which reduced the ability to pass-through costs to customers.
For the current quarter under review, the Group recorded a lower profit before tax of RM28.4 million as compared to RM68.5 million in the preceding quarter mainly due to lower revenue of RM879.8 million, a decrease of RM233.5 million or 21.0% as compared to the immediate preceding quarter. Key factor behind the reduction in revenue and profit was the drop in sales orders from a US customer following the planned discontinuation of certain products that had reached its end of product lifecycle.
The Group is cognizant of the challenges at the macro-environment level, which include fluctuations in USD/RM foreign exchange rate and changes in regulations which may impact operating costs.
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