Venture Corporation V03 has reported earnings of $73.6 million for the 1QFY2023 ended March 31, 12.4% lower than the earnings of $84.0 million in the corresponding period the year before.
Revenue for the quarter fell by 7.6% y-o-y to $821.7 million due to weaker demand.
Net profit margin fell by 0.5 percentage points y-o-y to 9.0%.
Earnings per share (EPS) fell by 12.5% y-o-y to 25.2 cents.
The group’s net cash position as at March 31 stood at $920.2 million.
Its net asset value (NAV) per share stood at $9.90 as at March 31, 1.43% higher y-o-y.
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According to the group, it is expecting to see weakness in near-term demand based on its customers’ outlook.
That said it adds that it will work on increasing its market share and that it will proactively pursue multiple pathways to drive revenue and profitability despite the current marketing conditions that are affecting demand.
In the coming quarters, Venture’s new product introductions (NPIs) are expected to commence mass production. Initiatives to improve productivity leading to higher throughput, together with careful cost management are also underway.
Shares in Venture closed 3 cents lower or 0.18% down at $17.06 on May 5.
