Venture Corp reports 3Q21 net profit increased on-quarter

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Venture Corp. reported Wednesday its third quarter net profit came in at S$77 million, up fromS$75.1 million in the second quarter and S$65.3 million in the first quarter amid broad-based demand.

“In 3Q 2021, the demand/forecast for Venture Group’s services, products and solutions remained healthy and broad-based,” the company said in a filing to SGX.

But it added, “fulfilment of the strong demand from our customers/partners seen in 3Q 2021 was impaired by global components shortages and the Extended Movement Control Order in Malaysia (from June 2021).”

Venture said more than 92 percent of its employees globally are fully vaccinated, and most are able to return to work as of September.

For the January-to-September period, Venture reported net profit rose 3.2 percent on-year to S$217.4 million on revenue of S$2.20 billion, up 0.8 percent on-year. The net margin increased to 9.9 percent from 9.6 percent in the year-ago period, the filing said.

In its outlook, Venture said it was optimistic for the next 12 months.

“Several new products will be launched into the markets globally, including products uniquely emanating from Venture’s R&D Labs and manufacturing sites. The group is also seeing strong trends in New Product Introductions activities, which are expected to flow through to mass production at our manufacturing sites over the next 12 months,” the company said.

“The remaining impediment is the availability of parts/components. The company’s priority now is to focus on various innovative pathways to secure the delinquent parts/components,” Venture said.

Read Venture Corp.’s third-quarter update.