Venture Corporation's Q2 profit hit by higher income tax provision

Venture Corporation has posted a 10.3 per cent fall in second quarter net profit to $30 million, mainly due to higher income tax provision.

Revenue for the three months to June 30 dropped by 3.9 per cent to $587.7 million.

The group generated cash from operations of $59.1 million.

As at June 30, cash and cash equivalent balances stood at $357.3 million.

Excluding bank loans of $154.5 million and after dividend payment of $137.5 million in May, the group remained net cash positive at $202.8 million.

Earnings per share slipped to 10.9 cents from 12.3 cents previously while net asset value per share declined to 637.3 cents compared to 655.2 cents as at Dec 31.

On its prospects, Venture noted that demand from most existing customers is showing signs of recovery.

"The group will also benefit from increasing revenue contribution from customers won in 2012 and new products launched recently," it added.