Venture Corp reports 5.8% rise in Q1 earnings to $32.6 million

SINGAPORE - Contract manufacturer Venture Corp notched up a 5.8 per cent rise in first quarter net profit to $32.6 million.

Revenue for the three months to March 31 was up 3 per cent at $608.7 million.

The group recorded a pretax profit of $38.4 million, up 13.6 per cent.

Based on tax incentives granted to the group, income tax expense for the reported quarter rose to $5.7 million from $3 million, due to changes in sales mix of tax approved products.

At the bottom-line level, net profit margin inched up to 5.4 per cent from 5.2 per cent in the same period last year.

Earnings per share climbed to 11.8 cents from 11.2 cents previously while net asset value per share firmed to 704.2 cents compared to 677.8 cents as at Dec 31.

Going forward, Venture acknowledged the business environment remains challenging. "However the group is strategically well positioned to manage its business and capitalise on opportunities which may arise in the future."