SINGAPORE (Nov 2): Venture Corp reported a 27.5% drop in earnings to $80.8 million for the 3Q ended September, from $111.4 million a year ago, on the back of lower revenue.
3Q18 revenue fell 27.4% to $770.4 million, from $1.06 billion a year ago.
The decline was mainly attributable to the impact arising from customers’ planned transition to new replacement products and some customers’ M&A activities for the reported quarter.
As at end Sept, cash and cash equivalents stood at $714.2 million.
Looking ahead, Venture Corp says it anticipates that new product introductions from several customers are expected to drive healthy revenue improvement sequentially in the next quarter.
The group also expects to capture revenue contribution from several new customers in the next quarter, with improving traction in subsequent reporting periods.
Further, the group believes that business momentum should pick up again after certain customers’ M&A integration processes are completed.
Shares in Venture closed 81 cents higher, or up 5.2%, at $16.26 on Friday.
