Venture Corp reports 16.9% growth in Q3 earnings

SINGAPORE - Contract manufacturing services provider Venture Corporation posted a 16.9 per cent rise in the third-quarter earnings as revenue grew.

Net profit came in at $47.4 million for the three months to Sept 30 was up at $47.4 million, compared to $40.5 million in the same period a year earlier. This came as, up on $40.6 million in the same period a year ago, while revenue climbed 1.8 per cent to $705.7 million.

Net profit for the nine months to Sept 30 rose 16 per cent to $126.6 million, while revenue grew 2.9 per cent to $2.02 billion.

Venture Corp said in its earnings report on Friday that the improvement in profitability was "largely driven by the group's ability to create higher value through stronger complementary and collaborative partnerships".

Earnings per share for the quarter came in at 17.1 cents, up on 14.7 cents previously, while net asset value per share stood at $6.644 as at Sept 30, lower than the $6.847 as at Dec 31 last year.

Venture Corp shares closed five cents or 0.5 per cent higher at $9.50 on Friday (Nov 4), before the results were released.