KUALA LUMPUR (March 15): Notion VTec Bhd's net profit fell 55.06% to RM3.03 million for the first quarter ended Dec 31, 2020 (1QFY21), from RM6.74 million in the preceding quarter, mainly due to the absence of insurance claims.

Revenue slid 6.08% quarter-on-quarter to RM65.34 million from RM69.57 million, dragged by lower revenue in the electronic manufacturing services and other segments.

The group did not declare any dividend for the latest quarter.

In a bourse filing, Notion VTec said the group's performance in 1QFY21 seemed to have stabilised following the strong recovery in the preceding quarter.

"This was also due to the year-end holiday season and because certain regions were still on restricted movement order due to the pandemic," it said.

The group said 1QFY21's profit after tax of RM3 million was lower than the preceding quarter's RM14.2 million. The differential was mainly due to an insurance claim of RM12.2 million, it said.

On a year-on-year basis, the group's net profit was down 78.62% from RM14.17 million a year ago, while revenue slipped 7.1% from RM70.34 million.

Notion VTec expects to see better results from the current quarter onwards as its new business kicks in and begins to make significant contributions and profitability.

"We look for support from our bankers and to be in line with our new business strategies whilst we await the reopening of the global economies during this Covid-19 vaccine year," it said.

Notion VTec shares closed three sen or 3.68% higher at 84.5 sen today, valuing the group at RM435.26 million.