Venture Corporation announced that its 1HFY2024 ended June earnings have dropped by 11.7% y-o-y to $123.7 million from $140.0 million a year ago.
This came on the back of revenue also seeing a 12.5% y-o-y decline to $1.38 billion from $1.58 billion the same period a year ago, mainly attributable to softer demand in 1QFY2024.
Net margin improved in 1HFY2024 to 8.9% from 8.8% last year.
On a q-o-q basis, the group saw noticeable improvement with earnings increasing by 5.7% y-o-y to $63.5 million in 2QFY2024 from $60.1 million in 1QFY2024. Revenue too saw a 7.6% y-o-y increase to $717.5 million.
The group declared an interim dividend of 25 cents per share.
For the first half of FY2024, Venture delivered on its target of sequential revenue growth from 1QFY2024 to 2QFY2024.
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The group remains proactive in pursuing multiple initiatives to further improve our performance in the second half of 2024. These include the onboarding of new customers, new product introduction (NPI) activities and supporting customers with geopolitical risk mitigation strategies.
Venture continues to invest in expanding its capabilities in targeted technology domains. This will broaden the group’s value creation pathways for quality growth.
The group maintains its expectation that its revenue will be stronger in the 2HFY2024 compared to the 1HFY2024.
Shares in Venture closed at $14.40 on Aug 6.
