Venture 3Q 2015 Revenue Jumps 15.7%


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For the quarter ended 30 September 2015, Venture Corporation Ltd registered revenue of S$692.9 million, an increase of 15.7% compared to the corresponding quarter of the prior year. Revenue growth was driven by market share gain among existing customers, contributions from new customers, as well as favourable exchange rate movement. For the nine months ended 30 September 2015, revenue rose 9.6% to S$1,962.5 million.

The Group recorded Profit before tax (PBT) of S$48.0 million for the quarter ended 30 September 2015, an increase of 17.4% year-on-year. Based on tax incentives granted to the Group and the sales mix for the reported quarter, the Group recorded higher income tax expense of S$7.5 million. Profit attributable to owners of the Company (net profit) increased by 12.2% to S$40.5 million for the reported quarter. This translates to a net margin of 5.9%. For the nine months ended 30 September 2015, net profit rose 8.7% year-on-year to S$109.2 million.

Diluted Earnings Per Share (EPS) was 14.7 cents for the reported quarter (3Q 2014: 13.2 cents). For the nine months ended 30 September 2015, diluted EPS was 39.5 cents (9M 2014: 36.6 cents).

Financial position and cashflow

The Group generated cash from operations of S$71.5 million and S$145.0 million for the reported quarter (3Q 2014: S$33.2 million) and for the nine months ended 30 September 2015 (9M 2014: S$122.2 million) respectively. For the reported quarter, the Group registered an increase in working capital with higher balances in trade receivables, trade payables and inventories. These increases were in line with the higher revenue recorded for the reported quarter. As at 30 September 2015, the Group had cash and cash equivalent of S$378.5 million (4Q 2014: S$393.3 million) and remained net cash positive at S$221.3 million.

As at 30 September 2015, Equity attributable to owners of the Company was S$1,911.0 million (4Q 2014: S$1,862.3 million) and Net Asset Value per share was S$6.92 (4Q 2014: S$6.78).

Outlook

Despite challenging operating conditions, the Group’s year-to-date quarterly performance has been commendable. This has been driven by strong management execution on several strategic initiatives.

As the operating conditions are expected to stay challenging, the Group will continue to relentlessly pursue operational excellence, drive impactful innovation and develop new engineering competencies in several domain areas. These differentiating strengths will continue to enable the Group to provide strong support to its existing and new customers. 

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