SINGAPORE – Declining demand amid a weaker global economy sent revenue and earnings tumbling at contract manufacturer Venture Corp, it reported on Feb 22.

Net profit plunged 33.4 per cent to $130 million in the six months to Dec 31, 2023, while revenue was down 30.2 per cent to $1.44 billion.

The firm noted that turnover fell due to “softer market demand” as a result of weak macroeconomic conditions and customers destocking inventory.

The full-year numbers were down as well, with net profit falling 26.9 per cent to $270 million while revenue dived 21.7 per cent to $3 billion. Earnings per share came in at 44.7 cents, well down from 67.1 cents a year earlier.

The group proposed a final dividend of 50 cents a share, unchanged from a year earlier, to be paid on May 21, subject to shareholder approval.

Venture Corp said it is building capacity in areas like life sciences, test and measurement instrumentation, hyperscale data centres, semiconductor equipment and wellness domains.

It is also expanding its participation in its customers’ products by providing more services across the design, sourcing, manufacturing and supply chain management process.

Venture Corp shares closed up 0.43 per cent at $14.10 on Feb 22 before the results were announced.