SINGAPORE (Nov 8): Venture Corporation saw its earnings rise 5.5% to $85.2 million for the 3QFY2019 ending Sept 30, from $80.8 million a year ago, on the back of higher revenues for the quarter.
Diluted earnings per share rose to 29.1 cents for 3QFY2019, compared to 27.8 cents in 3QFY2018.
3QFY2019 revenue climbed 12.8% to $869.1 million, from $770.4 million a year ago.
Venture has attributed revenue growth to its position to capture growth despite geopolitical tensions such as US China trade war, Brexit and currency volatility causing headwinds.
This growth has been captured from “selected ecosystems through its differentiated value creation pathways,” the company says in a Nov 8 filing.
Earnings have grown in tandem with revenue, as Venture strove to drive productivity gains and operational efficiency. This has resulted in a net margin of 9.8% in 3QFY2019.
As at end-September, cash and cash equivalents stood at $803.6 million.
Venture sees uncertainties in the business and geopolitical environment continuing into the next year.
It says it seeks to hasten efforts to shift its supply chains for tariff mitigation, as well as to support its partners.
Several partners have new and key product launches coming up in the next year, of which Venture will be supporting.
“More importantly, the group expects to see traction in its entries into new technology domains and ecosystems. Venture is ebullient as to what new opportunities may portend in the future,” Venture says in the statement.
“The group will continue to invest into growing and expanding its differentiating capabilities in selected technology domains and new ecosystems through multilateral partnerships globally,” it adds.
Venture shares closed up 10 cents, or 0.6% higher, at $16.60 on Nov 8, before the results announcement.
