♦ Above expectations. VSI’s 4QFY07/10 net profit of RM14.2m brought
FY10 core net profit to RM35.2m (+197.6% yoy), accounting for 154.8%
of our full-year estimate. Despite the full-year revenue being largely in line
with our numbers, the key variances were: 1) better-than-expected fullyear
EBIT margins of 7.1% (vs. our forecast of 5.7%), which we believe
was due to operating leverage effect on the back of higher utilisation rate;
and 2) lower-than-expected effective tax rate.
VS Industry Berhad : FY10 Core Net Profit Grew 197.6% YoY - 30/09/2010
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