Grand Venture Technology has posted net profit after tax (npat) of $3.6 million for the 1QFY2022 ended March, 8.9% higher than npat of $3.3 million in the corresponding quarter the year before.
Revenue for the quarter surged by 41.0% y-o-y to $32.5 million.
Gross profit and ebitda increased by a respective 24.9% and 19.5% y-o-y to $9.2 million and $7.8 million.
The higher top and bottom lines were attributable to the continued growth of wallet share from its key customers though margins came in lower as the group absorbed capacities for future growth.
During the quarter, the group also experienced higher input costs in the form of materials and energy and timing differences, thereby passing on some of these costs to customers.
The group also incurred some $0.2 million in one-off expenses on charges on the completion of the Formach Asia and J-Dragon Tech (Suzhou) acquisitions, as well as Covid-19 related costs.
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From the semiconductor segment, revenue rose 34.1% to $21.8 million in 1QFY2022, as sustained demand for semiconductor chips and an addition of new customers and projects from the group’s recent acquisitions led to increased contribution from all key customers in the segment.
Next, revenue from Life Sciences recorded a 29.1% improvement to $4.9 million in 1QFY2022, on increased production volume for existing mass spectrometers and its bolt-on products and expanded wallet share from new customers in the segment.
Finally, revenue from the Electronics, Aerospace, Medical and Others segment rose 93.8% to $5.7 million in 1QFY2022, following continued demand growth across all key customers in the segment and maiden contribution from the group’s recent acquisitions, including $800,000 from the aerospace business.
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As Singapore and Malaysia make a transition toward living with Covid-19, the group says it is making gradual progress towards normalisation of its operations in both countries.
While the group’s operations in Suzhou have been spared the direct impact of Covid-19 lockdowns in parts of China, border restrictions continue to cause supply-chain disruptions to customers, and have indirectly slowed down the group’s activities during the quarter.
Shares in Grand Venture Technology closed 1 cent lower or 1.02% down at 97.5 cents on May 6.
