Venture Corporation says net profit for the quarter ended 30 June 2010 (2QFY2010) was $45.8 million, compared to $60.9 million in 2QFY2009 which included a positive fair value adjustment of $25 million on its derivative financial instrument.

Revenue for 2QFY2010 was $652.9 million compared to $846 million in 2QFY2009.

Quarter-on-quarter, the Test & Measurement/Medical/Others segment recorded a revenue improvement of 18.4% in 2Q.

The Retail Store Solutions and Industrial segment and the Networking and Communications segment also registered sequential double-digit revenue growth of 16.9% and 10.6% respectively.

The revenue contributions of these three segments offset the anticipated paring down of the lower value-added portion of the Printing and Imaging (P&I) business and related P&I peripherals and accessories classified under the Computer Peripherals and Data Storage segment. These segments registered revenue decline of 23.3% and 12.0% respectively.

For 2Q, cash used in operations amounted to $26.1 million. As at 30 June 2010, cash and cash equivalent balances stood at $374.1 million. Excluding bank loans of $171.4 million and after dividend payment of $137.1 million in May 2010, the group remained net cash positive at $202.7 million.

As at 30 June 2010, total shareholders’ equity of the group amounted to $1.8 billion. The Net Asset Value per share of the group was $6.53 at the end of the financial period reported on.

Inventories stood at $541.6 million as at the end of 30 June 2010. Trade Receivables decreased to $464.7 million in the second quarter of 2010 from $588.4 million as at the end of 2009. Trade Payables declined to $353.6 million in the reporting quarter from $509.1 million in the fourth quarter of 2009.