Venture Corp Q3 net profit rises 5.5%

Published Fri, Nov 8, 2019 · 11:14 AM

NET profit for Venture Corp rose 5.5 per cent to S$85.2 million for the third quarter ended Sept 30, the electronics manufacturing services firm announced on Friday.

It credited the performance to its continued efforts to drive productivity gains and operational efficiency amid headwinds from geopolitical tensions.

Revenue rose 12.8 per cent to S$869.1 million from S$770.4 million in Q3 2018, and earnings per share was 29.5 Singapore cents compared with 28 cents a year ago.

For the nine months ended Sept 30, net profit edged up 1.7 per cent to S$266.9 million, and revenue grew 4.8 per cent to S$2.7 billion.

Earnings per share improved to 92.6 Singapore cents from 91.3 cents a year ago.

In its results filing, Venture said it expects "some uncertainties in the business and geopolitical environment may remain unabated", and original equipment manufacturers (OEMs) continue to shift their supply chain flows to mitigate tariff effects. It takes advantage of these shifts to render support to its partners, Venture added.

It will be supporting several partners in new and key product launches over the next 12 months, and expects to see traction in its entries into new technology domains and ecosystems. It plans to continue investing in growing its capabilities in these areas through multilateral partnerships.

Venture shares closed up 10 Singapore cents or 0.61 per cent to S$16.60 on Friday before results were announced.

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