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

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

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