KUALA LUMPUR (June 20): Visdynamics Holdings Bhd’s net profit fell 16.7% to RM2.62 million or 1.49 sen per share for its second quarter ended April 30, 2023 (2QFY2023), from RM3.14 million or 1.8 sen per share a year earlier, in line with the drop in quarterly revenue.

Revenue fell by 29.73% to RM7.46 million from RM10.61 million in the same quarter last year, according to the automated test equipment manufacturer’s filing with Bursa Malaysia on Tuesday (June 20).

On a quarter-on-quarter basis, Visdynamics posted a net profit from a net loss of RM3.37 million in 1QFY2023, as revenue ballooned from RM2.91 million in the immediate preceding quarter, due to higher sales of machines.

For the six-month period ended April 30, 2023, Visdynamics posted a net loss of RM746,000 against a net profit of RM5.92 million in the same period last year. Revenue declined 58.75% to RM10.36 million from RM25.12 million, due to lower sales of machines.

On prospects, the group expect that the world economy and semiconductor industry to remain slow throughout the year, where the group see that it would not be spared from the impact.

“We take the opportunity to allocate more resources on research and developments and also speed up the time to market our new products in anticipation of the recovery expected next year,” it said.

Shares in Visdynamics closed one sen or 2.53% lower to 38.5 sen on Tuesday, giving the group a market capitalisation of RM101.18 million.