Grand Venture Technology has reported revenue of $23 million for 1QFY21 ended March, up 59% y-o-y. However, thanks to better margins, earnings in the same period was up 434.9% y-o-y to $3.3 million.
Gross profit margin for 1QFY21 was 32.1%, up significantly from 22.9% achieved in the year earlier quarter, which, the company explains, was weighed down by disruptions from the pandemic.
The company, which provides manufacturing services, enjoyed revenue growth across all it business segments, with demand from its semiconductor customers showing the strongest growth of 68.5%.
This segment contributed 70.6% of Grand Venture Technology’s total revenue, up from 66.6% in the year earlier quarter.
SEE:Grand Venture Technology builds diversified customer base to capture growth segments
The company enjoys significant business from customers in the medical industries too.
On March 15, the company completed its placement exercise, raising $23.5 million from investment firm Novo Tellus.
The company, led by executive chairman Ricky Lee and CEO Julian Ng, plans to grow via organic and inorganic means.
On May 10, Grand Venture Technology shares closed at 65 cents, up 9.32%.
