VSTECS posts higher net profit of RM15.6mil in 2Q

VSTECS Berhad
16 Aug 2023

Newsroom

KUALA LUMPUR: Vstecs Bhd‘s net profit for the second quarter (2Q) ended June 30, 2023, rose to RM15.65 million compared to RM13.01 million in the same quarter last year.

However, revenue for the quarter decreased to RM608.79 million from RM708.08 million previously, mainly due to a slowdown in the consumer market, the company said in a filing with Bursa Malaysia.

Separately, in a statement to Bursa Malaysia, chief executive officer JH Soong said that the company’s 2Q performance remained healthy owing to continued momentum in enterprise spending, effectively offsetting the contraction experienced in the ICT distribution segment.

“The enterprise systems and ICT services segments, which provide higher margins, played a pivotal role in improving our bottom line despite a decline in revenue,” he said. – Bernama

Source from https://www.thestar.com.my

ABOUT VSTECS BERHAD

VSTECS Berhad (“VSTECS”) and its subsidiaries are a leading distribution hub for Information & Communications Technology (“ICT”) products, enterprise systems and provides ICT support and technical services in Malaysia. Listed on the Main Market of Bursa Malaysia Securities Berhad, VSTECS is an associate company of VSTECS Holdings (Singapore) Limited, which is in turn held by VSTECS Holdings Limited, a company listed on the Hong Kong Stock Exchange.

VSTECS distributes a comprehensive range of ICT products with over 40 leading principals and a nationwide channel network of more than 3,600 resellers comprising retailers, system integrators and corporate dealers. For more information, please visit www.vstecs.com.my.

For general enquiries, please contact:

Eva Loh
Email: syloh@vstecs.com.my