PETALING JAYA: Vitrox Corp Bhd’s net profit for its first quarter ended March 31,2021 (Q1), rose to RM30.7mil from RM21.07mil in the previous corresponding period, in tandem with the group’s higher revenue that was spurred by strong demand for its Machine Vision System (MVS).
In a filing with Bursa Malaysia yesterday, the company said revenue in Q1 increased to RM129.88mil from RM90.29mil a year earlier.
MVS is a technology that uses imaging-based automatic inspection and analysis for applications such as automatic inspection or process control.
On its prospects, the group said it is cautiously optimistic on the business outlook for the current financial year, in light of the acceleration of the digital adoption and transformation throughout the world amidst the Covid-19 pandemic.
“The group is experiencing robust demand from various sectors, especially in 5G, electric vehicles computing and artificial intelligence. At the same time, the group is strategising and combating the global shortage of certain raw materials used in the group’s products, ” it said.