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Venture Corp reports slight sequential gain in 3QFY2021 earnings

The Edge Singapore
The Edge Singapore11/3/2021 06:29 PM GMT+08  • 2 min read
Venture Corp reports slight sequential gain in 3QFY2021 earnings
The company will be ramping up production volume of new products in the coming year
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Venture Corp has reported earnings of $77 million for its 3QFY2021 ended Sept, a 2.5% sequential improvement from $75.1 million recorded in the preceding 2QFY2021.

However, it is slightly lower than 3QFY2020’s $80.2 million.

Revenue in the same period was $769.9 million, up 3.3% q-o-q from Q2FY2021’s $745.5 million. In 3QFY2020, the company generated a topline of $818.4 million.

“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,” notes Venture in its 3QFY2021 business update.

For 9MFY2021, Venture reported earnings of $217.4 million, up 3.2% y-o-y. Revenue, meanwhile, was up 0.8% y-o-y to $2.2 billion.

The company, known for its strong balance sheet, remains debt free and has a net asset value of $9 as at Sept 30, up slightly from $8.72 as at Sept 30 2020. Cash balance as at Sept 30 was $852.7 million, versus $829.7 million this time last year.

See also: Second Chance set to report higher 1HFY2023 net profit

The company calls its 3QFY2021 earnings “healthy and broad-based”. It expects this trend to continue in the coming 12 months.

Venture notes that there are several new products, including those designed and unique to Venture, that will be launched worldwide.

It is also expecting to ramp up production volume of new products in the coming year.

Venture Corp close Nov 3 unchanged at $18.95, and down 3.22% year to date.

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