Venture Corporation Limited (“Venture” or the “Group”) recorded revenue of S$583.6 million for the quarter ended 30 September 2011. On a year-on-year basis, revenue was 13.9% lower, largely attributed to the year-on-year USD/SGD depreciation of approximately 11.0%.
For the reported quarter, the Computer Peripherals & Data Storage, Retail Store Solutions & Industrial Products and the Test & Measurement/Medical/Others segment registered year-on-year volume growth. However this was not sufficient to offset the volume decline in the Networking & Communications and the Printing & Imaging segments.
For the nine months ended 30 September 2011, the Group reported revenue of S$1,799.9 million, a decline of 8.7% over the corresponding period of the preceding year.
The Group recorded a net profit (profit attributable to owners of the Company) of S$35.4 million for the quarter ended 30 September 2011. The net profit for the corresponding quarter of the prior year was S$48.6 million.
Diluted EPS was 12.9 cents for the quarter ended 30 September 2011 compared to 17.7 cents for the corresponding quarter of 2010.
For the nine months ended 30 September 2011, net profit of the Group was S$118.5 million or 43.2 cents per share on a fully diluted basis.
The Group achieved a net margin 6.1% for the reported quarter and a year-to date net margin of 6.6%.
The Group registered improvement in cash flow generation for the reported quarter. Cash generated from operations amounted to S$103.5 million for the quarter ended 30 September 2011 compared to S$60.2 million recorded for the corresponding quarter in 2010. On a nine-month basis, cash from operations amounted to S$174.3 million, an improvement of S$107.5 million over the comparable period of the preceding year.
As at 30 September 2011, cash and cash equivalent balances stood at S$437.0 million. Excluding bank loans of S$204.3 million, the Group remained net cash positive at S$232.7 million. The working capital of the Group was S$668.2 million as at 30 September 2011.
This comprised of S$429.4 million Trade Receivables, S$311.7 million Trade Payables and S$550.5 million of Inventories. Total shareholders’ equity of the Group amounted to S$1.8 billion and the Net Asset Value per share was S$6.58 as at 30 September 2011.
Given the current global economic outlook, a number of the Group’s customers have exercised some degree of cautiousness in their near-term demand forecast. Notwithstanding this, most customers of the Group maintain a healthy long-term outlook.
Whilst the Group remains cautious about the immediate business and operating environment, it is confident that it is well-positioned for future sustainable growth. The Group has established a diverse customer base and built competency in multiple domain technology areas. This diversity will continue to provide growth opportunities and overall corporate resilience.
The Group will stay on course and keep a keen focus on execution, delivering reliable and creditable support to its customers and partners.
Submitted by Angeline Khoo, Company Secretary, on 9 November 2011 to the Singapore Exchange Securities Trading Limited.
This press release is also available at www.venture.com.sg.
For more information, please contact:-
Ms Chua Mun Yuen
Senior Manager, Corporate Communications
Venture Corporation Limited
Tel : +65-6484 8136
E-mail : email@example.com