Venture Corp posts 29% jump in Q1 earnings to S$84 million

VENTURE Corporation : V03 0% recorded a 28.6 per cent increase in net profit to S$84 million for the first quarter ended March, from S$65.3 million in the year-ago period.

Earnings per share climbed to 28.8 Singapore cents, from 22.4 cents a year ago.

Revenue rose 29.5 per cent to S$889.3 million in Q1 on the back of broad-based growth across most of its technology domains, the company said in a business update on Friday (Apr 29).

Based on its customers’ orders and forecasts, Venture said it anticipates a steady demand outlook.

It added that recent new product launches have been well received by end-customers and have contributed to additional growth.

Several initiatives by its research and development labs have also enabled the company to mitigate supply chain disruptions and expand its capabilities to fulfil more orders, Venture said.

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Shares of Venture closed S$0.09 or 0.5 per cent higher at S$17.15 on Friday, before the announcement.