Venture Corp net profit rises 5.5% to to S$85.2m in Q3

Singapore

ELECTRONICS manufacturing services firm Venture Corp delivered a 5.5 per cent rise in net profit for the third quarter ended Sept 30, despite the headwinds from the US-China trade war, Brexit and currency volatility.

Net profit rose to S$85.2 million from S$80.8 million the year before, with the company crediting the performance to its efforts to drive up productivity and operational efficiency.

Depreciation and amortisation expense went up by 30.7 per cent to S$10.1 million, following the adoption of the SFRS(I) 16 Leases. (This is the new accounting standard, effective from Jan 1 this year, which categorises qualifying lease payments on the balance sheet as right-of-use assets and dep…