Manufacturer Grand Venture Technology has reported revenue of $53.5 million for the six months ended June 30, around double that from the same period last year.
However, thanks to better margins, earnings surged by 282.7% y-o-y to $8.5 million. The company plans to pay a dividend of 0.5 cents per share.
According to GVT, it enjoyed all-round demand growth across the various industries.
“We are glad to be able to build on the growth momentum from 2020 and capitalise on the strong demand in the various business segments to deliver a robust performance for 1H21,” says executive chairman Ricky Lee.
“This is especially so given that the Covid-19 control measures in the countries where we operate had put a cap on our productivity levels. We look forward to the day when the situation improves, and we can fully realise our productivity potential,” he adds.
GVT expects further growth from key industry segments such as semiconductor and life sciences.
Nevertheless, it is “mindful” that potential measures introduced by governments of Singapore and Malaysia to stem the recent spike in Covid-19 cases could cause disruptions to supply chains.
GVT shares closed on Aug 10 at $1.31, down 1.5% for the day, up 274.29% year to date.
Photo: Samuel Chua/The Edge Sinagpore
