Venture Corporation turns in a 3% rise in 3Q profit to $36.1 million

EARNINGS inched up at Venture Corporation in the third quarter thanks to better results at one of its business units.

Net profit for the three months to Sept 30 quarter rose 3.1 per cent to $36.1 million while revenue was up 1.7 per cent at $598.7 million.

Earnings were bolstered by increased turnover at its test and measurement, medical and others business segment, which rose 25.9 per cent to $192.3 million.

This was partly offset by falls in the computer peripherals and data storage division, where revenue fell 35.1 per cent to $46.8 million while sales for printing and imaging fell 10 per cent to $70.4 million.

The technology services provider said that while the business sentiment among most of its customers is generally positive, some areas of concern remain.

"Wage pressures may persist and customer consolidation is expected to continue, though it may be less frequent," it said.

Contributions from investments in research and development, technology and product and process developments are also "trending in a positive manner".

Earnings per share for the quarter was 13.2 cents, up from 12.8 cents a year earlier, while net asset value was $6.53 at Sept 30, down from $6.65 at Dec 31.