TECHNOLOGY company Venture Corporation : V03 0%’s net profit for the first quarter of 2023 fell 12.4 per cent year on year to S$73.6 million amid softening demand for technology products.

Revenue also declined to S$821.7 million for the quarter ended Mar 31, 2023, a 7.6 per cent drop from the same period a year ago, showed Venture’s latest financial results posted on the Singapore Exchange on Friday (May 5).

On a per-share basis, earnings fell 12.5 per cent to 25.2 Singapore cents.

Venture Corporation said it is proactively pursuing multiple pathways to drive revenue and profitability, even as current market conditions affecting demand are beyond its control.

“Leveraging on our diverse service offerings and differentiating capabilities, we will work on increasing our market share,” it said in the filing.

“New product introductions are expected to commence mass production in the coming quarters. Initiatives to improve productivity leading to higher throughput, together with judicious cost management, are underway.”

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It added that the company remains in a strong financial position with a healthy net cash position of over S$920 million.

Ongoing efforts to mitigate supply chain constraints are expected to further optimise inventory levels and working capital, Venture Corporation said.

Shares of Venture Corporation fell 0.2 per cent or S$0.03 to end at S$17.06 on Friday.