Venture Corp. reported Wednesday its third quarter net profit came in at S$77 million, up fromS$75.1 million in the second quarter and S$65.3 million in the first quarter amid broad-based demand.

&ldquo In 3Q 2021, the demand/forecast for Venture Group&rsquo s services, products and solutions remained healthy and broad-based,&rdquo the company said in a filing to SGX.

But it added, &ldquo fulfilment of the strong demand from our customers/partners seen in 3Q 2021 was impaired by global components shortages and the Extended Movement Control Order in Malaysia (from June 2021).&rdquo

Venture said more than 92 percent of its employees globally are fully vaccinated, and most are able to return to work as of September.

For the January-to-September period, Venture reported net profit rose 3.2 percent on-year to S$217.4 million on revenue of S$2.20 billion, up 0.8 percent on-year. The net margin increased to 9.9 percent from 9.6 percent in the year-ago period, the filing said.

In its outlook, Venture said it was optimistic for the next 12 months. 

&ldquo Several new products will be launched into the markets globally, including products uniquely emanating from Venture&rsquo s R& D Labs and manufacturing sites. The group is also seeing strong trends in New Product Introductions activities, which are expected to flow through to mass production at our manufacturing sites over the next 12 months,&rdquo the company said.

&ldquo The remaining impediment is the availability of parts/components. The company&rsquo s priority now is to focus on various innovative pathways to secure the delinquent parts/components,&rdquo Venture said.

https://shentonwire.net/2021/11/04/venture-corp-reports-3q21-net-profit-increased-on-quarter/

VENTURE Corporation' s net profit was S$77 million for the third quarter ended Sep 30, up sequentially from S$75.1 million in the quarter before, the electronics manufacturing services firm said in a business update on Wednesday (Nov 3) after market close.

 

This took its earnings per share to S$0.264 for the quarter.

 

While Venture did not provide any year-ago figures in its Wednesday statement, it had previously reported a net profit of S$80.2 million in its Q3 2020 results.

 

Revenue also rose sequentially to S$769.9 million in Q3, but was lower than S$818.4 million in the year-ago period.

 

In Q3, fulfilment of strong demand from customers and partners was impaired by global components shortages and the Extended Movement Control Order in Malaysia from June, said Venture.

 

It added that demand for its services, products and solutions " remained healthy and broad-based" in Q3.

 

It expects this positive trend to continue for the next 12 months, with new products to be launched globally.

 

With more than 96 per cent of its Malaysia workforce and more than 92 per cent of its global workforce fully vaccinated, nearly all employees have been able to return to work since September.

 

As the remaining impediment is the availability of parts or components, the company' s priority " is to focus on various innovative pathways" to secure these, said Venture.

 

Investments will be made to strengthen its clusters of excellence, to expand science and technology talent, and in " synergistic acquisition opportunities" .

 

The latest update takes net profit for the first nine months of 2021 to S$217.4 million, up 3.2 per cent from the year-ago period.

 

Revenue for the first nine months is up 0.8 per cent at S$2.2 billion. Net asset value per share was S$9 as at Sep 30, 2021, from S$8.92 as at Dec 31, 2020.