SINGAPORE (Aug 4): Electronics services provider Venture Corporation reported earnings of $69.8 million for the 2Q17 ended June, 61% higher from a year ago on higher revenue.
The latest set of financial results brings Venture’s 1H17 earnings to $118.4 million, up 49.5% from $79.2 million in 1H16.
Revenue for 2Q17 grew 48.3% to $1 billion compared to $683.3 million, underpinned by the group’s diversified customer based as well as continued strong execution of customers’ programmes launched in prior quarters.
In line with the revenue growth and based on tax incentives granted to the group’s subsidiaries, the group recorded a profit before tax (PBT) of $84.5 million, up 63.7% from a year ago while income tax expenses grew 60.9% to $14.7 million from $8.2 million a year ago.
As at the end of 2Q17, the group remained net cash positive at $366.5 million.
In a Friday statement, Venture says its ability to create and capture value through strong R&D initiatives/programmes, as well as sustained operational excellence across the value-chain contributed to the improvement in profitability.
The group says it continues to make progress across both its strategic and operational initiatives.
Although the dynamics of the business environment, such as geopolitical tensions and customers’ consolidations, may introduce some degree of uncertainty, Venture says it remains fully committed to provide strong value creation for the success of its business alliances and partnerships, which it intends to accomplish through growing a “critical mass of high-quality talents” in management, engineering and other professionals.
Shares in Venture closed 7 cents higher at $13.85 on Friday.
