Venture Corp 3Q net profit up 12.2% on rise in business from new and existing customers

SINGAPORE - Contract manufacturing services provider Venture Corp recorded a rise in third-quarter profit on the back of market share gain among existing customers, contributions from new customers and favourable exchange rates.

The company posted net profit of S$40.5 million in the July to September quarter, up 12.2 per cent over the same quarter a year ago.

Revenue rose 15.7 per cent compared with the corresponding period last year to S$692.9 million, with the test and measurement and medical and life sciences segment recording the largest share.

Earnings per share for the quarter was 14.7 cents, up from 13.2 cents in the same quarter a year ago.

Net asset value per share was S$6.92 as at Sept 30, up from S$6.78 as at Dec 12.

The company said operating conditions are expected to remain challenging.

President Tan Kian Seng said at a results briefing on Friday that the company's ongoing efforts to transform its business have paid off.

Its strategy is to focus on segments where it can create "maximum value", he added.

These include segments of the business which give the company opportunities to design products or develop intellectual property.

Noting the company's strong performance, Mr Tan said Venture will continue to focus on "higher value creation and capture at the lowest cost.

chiaym@sph.com.sg