The group’s life sciences sector and certain segments of its network and communications market still saw some destocking in the 1QFY2024.
Despite the lower earnings, net profit margin (NPM) remained flat y-o-y at 9.0%.
During the 1QFY2024, Venture reported $132.9 million in net cash generated from operating activities. The group’s net cash position improved to $1.19 billion as at March 31, with zero borrowings.
Net asset value (NAV) per share stood at $10.06 as at March 31, up from $9.90 as at March 2023.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
In its results presentation, the group says it is targeting for its revenue to improve q-o-q in the 2QFY2024. It also expects overall revenue for the 2HFY2024 to be higher on a h-o-h basis.
The revenue growth will be achieved through four means: growing with the group’s customers, onboarding new customers, mitigating geopolitical risk and better demand.
Shares in Venture closed 25 cents higher or 1.76% up at $14.46 on May 3.
