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KUALA LUMPUR, April 22 -- Vitrox Corporation Bhd posted a higher net profit of RM30.7 million for the first quarter ended March 31, 2021 (1Q21) from RM21.07 million registered in 1Q20.
Revenue increased by 43.9 per cent to RM129.88 million from RM90.29 million in the corresponding quarter of the preceding year due to strong demand for machine vision system (MVS).
On the prospects, it said the group cautiously optimistic on the business prospect for the financial year 2021 with acceleration of digital adoption and transformation throughout the world amidst the COVID-19 pandemic.
“The group is experiencing robust demand from various sectors, especially in 5G, electric vehicles, computing and artificial intelligence,” it said in a filing with Bursa Malaysia today.
Vitrox also said it would execute the expansion of manufacturing capacity by at least 30 per cent in 2021 as per plan, besides continuing the focus on prudent cost control measures, market expansion activities, customer relationship building and product innovation to grow business.