SINGAPORE (Apr 25): Venture Corp reported 1Q18 earnings ended March rose 72.2% to $83.7 million from 1Q17 earnings of $48.6 million a year ago.
This came on the back of an improvement in net margin, which rose to 9.8% in 1Q18, from 5.8% a year ago.
The group says the improvement in profitability was driven by impactful value creation through engineering design and development, operational excellence, and judicious cost management.
1Q18 revenue edged up 1.5% to $856.0 million, from $843.1 million a year ago.
However, Venture says the marginal increase was mainly due to a weakened US dollar. In US dollar terms, revenue for 1Q18 would have grown by 9.1%.
As at end March, cash and cash equivalents stood at $738.2 million.
Looking ahead, Venture says it plans to grow its pool of strategic partnerships and its technological diversity with expansion into new and adjacent ecosystems.
It adds that it will continue to leverage its core capabilities in engineering, advanced manufacturing and supply chain management to drive operational excellence and deep value creation.
Shares in Venture closed 83 cents down, or 3.5% lower, at $22.57 on Wednesday.