TECHNOLOGY company Venture Corporation : V03 0% reported a 25.2 per cent fall in net profit to S$203.3 million for the first nine months of 2023, from S$271.7 million the same period last year.

Revenue sank 18.8 per cent to S$2.29 billion, from S$2.82 billion previously. This brought earnings per share to S$0.697, down from S$0.932 a year ago. 

In a bourse filing on Friday (Nov 3), the group attributed the decline to a higher base last year, soft customer demand and ongoing inventory destocking. There were also “uncertainties in the global macroeconomic landscape and unabated geopolitical tension”, it said. 

While revenue for 9M FY2023 was lower than that of the previous year, the group pointed out that it was still higher than the S$2.2 billion posted in FY2021 and the S$2.18 billion in FY2020.

Venture’s net cash position also improved in the last four years, reaching S$956.5 million as at Sep 30. “The company continues to generate strong cash flow through operating performance and working capital optimisation,” it said. 

Venture highlighted that it will continue to strengthen “the close, long-term relationships with our customers and business partners” while expanding its participation in “new high-growth domains”. 

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

“New product introductions with both existing and new customers are on track to be rolled out next year,” it added. “The adoption of Venture module solutions by our life science and industrial customers is also picking up pace, which will complement our core electronic manufacturing services business going forward.”

Shares of Venture closed at S$12.19 on Friday, up 2 per cent or S$0.24, before the news.