SINGAPORE (Aug 8): Venture Corporation reported 2Q19 earnings fell 7.3% to $90.8 million from $97.9 million in 2Q18 a year ago.
This brings 1H19 earnings to $181.7 million, unchanged from 1H18.
Revenue for 2Q19 came in at $903.5 million, 5.1% lower than $952.3 million a year ago.
Overall expenses were also lower in 2Q19, led by 74% lower R&D expenses of $9 million and 21.1% lower other operating expenses of $22.3 million.
As at end June, cash and cash equivalents stood at $761.8 million.
Venture's board of directors has proposed an interim dividend of 20 cents per share, unchanged from a year ago, which will be payable on Sept 19.
The group says the business outlook continues to be shrouded by escalating geopolitical tensions and the prolonged trade war, which has adversely impacted the global economy and world trade.
Looking ahead, the group says it will continue to diversify its value creation/value capture pathways in the multiple ecosystems it participates in. The group will focus on selected domains that have growth and value creation opportunities and emphasise on building new differentiating capabilities to enhance its competitiveness.
Shares in Venture closed 1.65% higher at $14.76.
