Higher revenue growth and a better performance across the board lifted the numbers at electronics maker Venture Corp in the first quarter.
Net profit jumped 35.6 per cent to $48.6 million from $35.8 million in the three months to March 31.
Revenue surged 33.7 per cent to $843.1 million, thanks in part to its diversified customer base and new product and programme introduction by customers.
Venture also attributed its better performance to its "engineering and advanced manufacturing capabilities and sustained operational excellence".
Earnings per share stood at 17.4 cents compared with 13 cents a year ago, while net asset value per share was $7.11 as at March 31 compared with $7.03 on Dec 31 last year. No dividend was declared.
Net margins for the first quarter came in at 5.8 per cent against 5.7 per cent a year ago. The firm generated cash from operations of $70.4 million before working capital changes in the quarter, from $55.5 million a year earlier.
AT A GLANCE
REVENUE: $843.1 million (+33.7 per cent)
NET PROFIT: $48.6 million (+35.6 per cent)
It registered an increase in working capital positions due to trade receivables and inventories balances.
Trade receivables were at $710.1 million, while the increase in inventories to $55.7 million from $38.3 million a year earlier was to support customer requirements and programmes. Venture had cash and bank balances of $486.8 million as at March 31 and remained net cash positive at $399.6 million.
The firm said it began the year with positive momentum, and will continue to focus on investing in engineering talent and advanced manufacturing capabilities amid rising geopolitical tensions.
Analysts said in earlier reports that Venture's revenue growth momentum is likely to continue because of the strong American economy and because of its exposure to the greenback, which remained strong against the Singdollar.
Venture shares closed up 1.8 per cent or 21 cents to $12.20 yesterday.