SINGAPORE: Higher revenue helped send earnings up at contract manufacturing services provider Venture Corporation in the third quarter.
Net profit rose 16.9 per cent to $47.4 million for the three months to Sept 30, while revenue climbed 1.8 per cent to $705.7 million. Net profit for the nine months to Sept 30 rose 16 per cent to $126.6 million, while revenue grew 2.9 per cent to $2.02 billion.
Venture Corp said in its earnings report yesterday that the improvement in profitability was “largely driven by the group’s ability to create higher value through stronger complementary and collaborative partnerships”.
It registered an 18 per cent increase in profit before tax to $56.7 million during the quarter, while profit before tax margins were higher at 8 per cent over the 6.9 per cent previously. It also recorded an income tax expense of $9.2 million based on tax incentives granted to its subsidiaries.
