Venture's Q2 profit grows 61% to S$69.8m as net margin improves

VENTURE Corp's second-quarter net profit rose 61 per cent to S$69.8 million, or 24.7 Singapore cents per share, on better sales and improved profit margins, the contract manufacturer announced on Friday after the market closed.

For the first six months of the year, net profit grew 49.5 per cent to S$118.4 million, or 42.1 Singapore cents per share.

Revenue increased by 48.3 per cent to S$1 billion in the three months ended June 30 on continued execution of programmes launched in prior quarters from a diversified customer base, Venture said.

Profit before tax rose 63.7 per cent to S$84.5 million during the quarter.

Net profit margin improved to 6.9 per cent in the second quarter from a year-ago 6.4 per cent.

Looking ahead, Venture expects some uncertainty in the business environment as a result of geopolitical tensions and customers' consolidations. But the company noted that it has made progress in its strategic and operational initiatives.