However, the group’s revenue for the reporting period came in 37.9% y-o-y higher to $94.2 million, while gross profit grew 27.6% y-o-y higher to $23 million.
Increase in revenue for the 1HFY2025 came from a rise in revenue from the group’s semiconductor segment, driven by progressive improvement in demand from key customers for its test equipment-related products.
Meanwhile, revenue from the group’s life sciences segment recorded a 22.2% y-o-y growth due to expanded wallet share with key customers.
Revenue from the electronics, aerospace, medical and other segments grew 10.5% y-o-y due to growth across all sub-segments, offset by some weakness in the electronics sub-segment.
For the reporting period, the group’s other income decreased to $700,000 driven by the absence of foreign exchange gain recorded in the same period a year ago. GVT reported a foreign exchange loss of $2.2 million in the 1HFY2025, under the general and administrative expenses.
The group’s finance costs increased to $1.9 million in 1HFY2025 driven by a higher level of borrowings in connection to the acquisition of ACP and trade financing.
Income tax increased by $400,00, as in the year before, the group’s operations in Malaysia enjoyed tax incentives after recording higher levels of capital expenditures.
See also: FJ Benjamin FY2025 red ink widens to $16.6 million
In 1HFY2025, the net cash flows used in investing activities was $4.8 million, mainly for capital expenditure in relation to the acquisition of machinery and assets for capabilities and capacity expansion. Net cash used in financing activities amounted to $4.5 million, from a net repayment of bank borrowings, $1.5 million payment of principal portion of lease liabilities and $1.0 million in dividends paid to shareholders.
Shares in Grand Venture Technology closed flat at 92.5 cents on Aug 13.
