Venture Corp posts $60.6 million net profit in 3QFY2024, down 4.7% q-o-q
The company expects its revenue for 2HFY2024 to be relatively stable compared to 1HFY2024.
Venture Corp has registered $60.6 million in net profit for the 3QFY2024 ended September, down 4.7% q-o-q.
This is in line with lower revenue of $689.7 million, 3.9% lower q-o-q. This is largely due to soft demand in the life science, lifestyle consumer as well as test and measurement instrumentation tech domains.
This was partially offset by higher revenue in the networking and communications and semiconductor related equipment tech domains.
Net profit margin for the quarter stood at 8.8%.
As at Sept 30, the company’s net cash position stood at $1.19 billion.
Despite softer customer demand in 3QFY2024, the company expects its revenue for 2HFY2024 to be relatively stable compared to 1HFY2024.
It continues to see good opportunities, including new design wins and product introductions for secular growth segments like life science and AI data centre related businesses.
Shares in Venture Corp closed 2 cents higher or 0.15% up on Nov 8 at $13.65.
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