SINGAPORE – Venture Corp. reported first quarter revenue rose 2% over last year to S$686.7 million.

For the quarter ended Mar. 31, Venture closed with pretax profits of S$75 million, up 7.2%, and net profits of S$65.3 million, up 8.3%.

Net margin rose 50 basis points to 9.5%. Venture improved its net margin and profitability year-on-year, despite tepid growth in revenue due to global parts and components shortages. The company said it has set up several working groups to implement comprehensive tactical plans that will mitigate the supply challenges in the subsequent quarters.

“Orders from customers are showing broad-based strength across the group’s diverse technology domains. In the Life Science Technologies, Medtech Devices & Equipment, and Lifestyle & Wellness Consumer Technology domains, customers’ orders for several sophisticated, leading-edge products are coming in strong. New products across the Instrumentation, Networking & Communications, Advanced Industrials and Advanced Semiconductor-related Equipment domains will be launched in response to the increasing needs for electronic test equipment, optical & photonics networking solutions and 5G infrastructure development.

“Although the group is seeing a strong pipeline of orders, the main impediment to fulfilment is the ongoing supply disruptions for parts and components. As a nimble and agile company, Venture has swiftly set up several working groups to manage its global supply base. In addition to regular communications with our operations teams to strategize solutions, these groups also implement joint initiatives with various external stakeholders such as our customers and partners, suppliers and components manufacturers, to secure the parts and components to meet our shipment plans. Overall, the group expects a quarter-on-quarter improvement in the second quarter, leading to a stronger first half performance compared to the prior year.”

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