Vstecs posts higher Q2 profit on work from home demand – The Star Online - Freelance Rack

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Thursday, August 13, 2020

Vstecs posts higher Q2 profit on work from home demand – The Star Online

KUALA LUMPUR: Computer supplier VSTECS Bhd reported an uptick in revenue and profits in the second quarter buoyed by increased in demand for laptops, notebooks and printers as more people opted to work from home amid the Covid-19 pandemic.

This mitigated the decline in revenue and profit from its server, network and storage business.

Net profit rose to RM7mil from RM6.36mil a year ago, Vstecs said in a filing with Bursa Malaysia today.

Revenue jumped to RM449mil compared with RM422mil previously.

“The new normal of staying at home and working from home has increased the demand of information and communication technology (ICT) products,” Vstecs said.

“We anticipate this consumer buying trend to continue but the end of the six-month bank loan moratorium period on Sept 30 may dampen the consumer spending power,” it added.

The firm said large enterprises continue to invest in upgrading their systems and infrastructure to increase their business productivity, but the SME businesses are cautious on their spending.

“We continue to supply to several public sector projects which were awarded last year while awaiting new projects to be awarded in the second half of this year,” it said.



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