KUALA LUMPUR (July 23): ViTrox Corp Bhd posted a 6% decline in net profit to RM22.92 million for its second quarter ended June 30, 2020 (2QFY20) from RM24.38 million a year earlier, mainly due to unfavourable sales mix.

This translated into lower earnings per share of 4.87 sen from 5.18 sen previously, according to the automated equipment tester's bourse filing.

Quarterly revenue rose 8.4% to RM96.54 million, from RM89.03 million a year ago, mainly due to higher sales volume from its machine vision system product, which offset the decline in revenue from its automated board inspection product.

For the cumulative six-month period, ViTrox's net profit declined 8.36% to RM43.98 million from RM48 million in the previous corresponding period, while total revenue rose 4.97% to RM186.84 million from RM177.98 million.

On prospects, the group said despite its expectations of a challenging year in 2020, it has not experienced significant downward impact so far due to its diversified business model, serving multiple industries and with a presence in more than 30 countries.

It added that it has taken, and will continue to take, more stringent and prudent cost-control measures in order to stay competitive and resilient.

"Besides, the group will continue to focus on market expansion activities, customer relationship building and product innovation to grow the business further," said ViTrox.

Shares in ViTrox fell three sen or 0.3% to RM9.97 today, giving the group a market capitalisation of RM4.72 billion. Year-to-date, the stock is up 29.14%.