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Lower R&D costs boost Venture Q1 earnings

LOWER research and development (R&D) expenses helped lift the bottom line at electronics firm Venture Corporation in its first quarter.

Net profit for the three months to March 31, 2016, expanded 10.1 per cent to S$35.84 million from the previous year, it said on Thursday.

Revenue rose 3.6 per cent year on year to S$630.72 million. R&D expenses for the quarter dropped due to "lower customers' requirements for prototyping related tooling and services", Venture said in its results statement.

Earnings per share came in at 13 Singapore cents for the quarter, up from 11.8 Singapore cents the previous year. Net asset value per share dipped to S$6.821 as at March 31, from S$6.847 as at Dec 31 last year.

Venture shares rose six Singapore cents to close at S$8.39 on Thursday.