Precision manufacturing solutions provider Grand Venture Technology reported a 26.6% rise in net profit to $4.3 million in 1HFY2024 for the six months to June 30. Revenue for 1HFY2024 increased by 26.8% to $68.3 million, exceeding the top end of GVT’s revenue guidance of between $58 million and $64 million.
The group saw stronger business activities across its key segments including semiconductors, Life Sciences, as well as Electronics, Aerospace, Medical and Others (EAMO).
Sales from the Semiconductor segment remained the largest revenue contributor at 50.2%. Revenue from the segment rose 31.6% y-o-y to $34.3 million for 1HFY2024 driven by progressive improvement in orders from its key back-end customers, including the shipment of testing equipment for high-bandwidth memory, a critical component in AI processors. Revenue from the life sciences segment was up by 4.3% to $10.2 million for 1HFY2024 on the back of expanded wallet shares with key customers.
Revenue from the EAMO segment surged by 32.2% or $5.8 million to $23.8 million. The group also saw organic growth from aerospace, medical, andothers industries, offsetting the soft demand from the Electronics segment.
As of end June, the group had total borrowings of $67.6 million, up from $49.0 million as of December 31 2023. The increase in borrowings was partially due to the debt raised for the ACP acquisition. GVT’s debt-to-equity ratio stood at 0.55 times as at end-June.
