Homegrown manufacturing solutions and services provider Grand Venture Technology (GVT) has posted earnings of $5.4 million for the FY2020 ended December, 81.2% higher than the $3.0 a year ago.
FY2020 revenue was up 53.2% y-o-y to $61.4 million due to higher revenue from Semiconductor and Life Sciences, Electronics & Others business segments, with the former surging 76.6% y-o-y to $42.2 million amid strong demand.
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Gross profit rose 26.9% y-o-y to $18.9 million in line with the overall increase in business activity.
Gross profit margin (GPM) fell to 30.8% compared to 37.2% in FY2019 due to the group’s capability and capacity investments across its facilities.
Net profit rose 68.4% y-o-y to $5.2 million after taking into account higher general and administrative expenses and finance costs arising from an increase in headcount and capital expenditure in tandem with the group’s investments.
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GVT says it expects the operating environment for the current year to remain challenging, although demand for its services should remain healthy, it says.
Earnings per share (EPS) for the FY2020 stood at 2.23 cents.
Cash and cash equivalents as at end-December came in at $7.1 million.
Shares in Grand Venture closed flat at 54 cents on Feb 22.
