ViTROX Corporation recorded a 25.27% year-on-year decrease in net profit for the second quarter of the 2024 fiscal year, amounting to RM28.1 million.

For the first half of 2024, ViTROX accumulated a net profit of RM45.33 million, a decrease of 35.84% year-on-year; cumulative revenue also fell by 9.16% year-on-year to RM256.81 million.

In a Bursa Malaysia filing today, the company reported that it earned RM137.2 million in revenue for the quarter, marking an 8.16% year-on-year decline.

According to the performance report, the decline in group revenue was mainly due to slower-than-expected recovery in global markets, affecting demand for Automated Board Inspection (ABI) systems, although sales of Machine Vision Systems (MVS) partially offset this adverse impact

Looking ahead to the second half of the year, management remains cautiously optimistic about business prospects.

"Amidst a slow global economic recovery, we see stable growth and improvement in the emerging semiconductor backend sector. The group will invest in research and development to provide cutting-edge solutions, keeping pace with the developments in Industry 4.0 and Artificial Intelligence (AI) to maintain our competitive edge," the company said.