Venture Corporation has posted net profit of $203.3 million for its 9MFY2023, down 25.2% y-o-y; and revenue of $2.29 billion, down 18.8% y-o-y.
Net profit margin, meanwhile, fell to 8.9% in 9MFY2023 ended September, down from 9.6% in 9MFY2022.
Earnings per share for the period shrank to 69.7 cents in 9MFY2023 from 93.2 cents in 9MFY2022, while net asset value per share fell to $9.66 from $9.70 over the same period.
In a Nov 3 bourse filing, Venture says its net cash position has improved over the past four years, reaching $956.5 million as at Sept 30 compared to some $813 million at Dec 31, 2022 and $700.7 million at Sept 30, 2022. “As at Sept 30, Venture remains in a strong net cash position with no bank borrowings… The company continues to generate strong cash flow through operating performance and working capital optimisation.”
Venture’s working capital improved $77.0 million q-o-q and $335.4 million y-o-y to some $1.19 billion as at Sept 30. Management says inventories continue to record sequential improvement with reduction of $53.9 million q-o-q and $304.1 million y-o-y.
The nine months ended Sept 30 were characterised by uncertainties in the global macroeconomic landscape and unabated geopolitical tension, says management. “Venture Group’s performance was affected by softened demand and inventory adjustments from our customers. Venture Group will continue to strengthen the close, long-term relationships with our customers and other business partners that we have forged over many years. We will deepen our strategic collaboration with customers, working with them to secure growth in market share.”
See also: Venture Corp posts 19.7% lower net profit of $140 mil, maintains DPS of 25 cents
New product introductions with both existing and new customers are on track to be rolled out next year, adds management.
Shares in Venture closed 24 cents higher, or 2.01% up, at $12.19 on Nov 3.
