Venture Corporation V03 -0.07% has recorded net profit attributable to owners of the company of $140.0 million for 1HFY2023 ended June, down 19.7% y-o-y.

 

Revenue, meanwhile, declined 11.9% y-o-y to $1,582.2 million, owing to a high base last year and softening demand across the majority of its technology domains and customers&rsquo inventory destocking, says Venture on Aug 4.

 

Earnings per share was 48.0 cents for 1HFY2023, down from 59.8 cents this time last year.

 

Net asset value, meanwhile, was $9.67 at June 30, up from $9.76 as at Dec 31, 2022.

 

The board of directors has declared an interim dividend of 25 cents per share, unchanged from this time last year, to be paid on Sept 14.

 

The group generated operating cash flow of $173.8 million before working capital changes for 1HFY2023, down from $227.6 million this time last year.

 

The working capital position improved from stronger trade receivable collections and inventory management efforts while ensuring assurance of supply, says Venture.

 

As at June 30, the group recorded healthy cash and bank balances and a net cash position of $895.6 million, up from S$812.6 million as at Dec 31, 2022.

 

This includes a final tax-exempt dividend of 50 cents per share amounting to $145.5 million, paid on May 23.

 

The group has taken steps to work on several new initiatives to drive revenue, profitability and working capital improvement going forward, says Venture. &ldquo This includes proactively working with customers and partners who are &lsquo de-risking&rsquo out of a geographic presence into Venture&rsquo s Southeast Asian manufacturing sites as well as our supplier base. This will accelerate our ability to capture more market share.&rdquo

 

Venture says it will remain focused on staying relevant and impactful with an unwavering commitment on investing in its people and advanced technology. &ldquo The group is now well-positioned to capitalise on its strengths to deliver long-term, sustainable stakeholder value.&rdquo