Venture's sales jumped 11% as revenue rocketed across the board

But profit slipped 7% to $28.6m.

According to DBS, despite higher than expected sales, Venture’s core net profit of S$28.6m (-7% y-o-y,11% q-o-q) were only in line with estimates and below consensus.

Higher tax provision was the key variance which offset positive effects of higher revenue. As such, while net margin of 5.1% was lower y-o-y and q-o-q, pretax margin of 5.8% was similar y-o-y but higher than 1Q13. Margin improved sequentially due to expanded scale, cost control and favourable sales mix.

Here's more from DBS:

All segments grew sequentially. Revenue fell 4% y-o-y to S$587m as Printing & Imaging shrank 27% and Networking & Comms slipped 13%.

But, sales were up 11% q-o-q as revenue from all segments grew across the board. Biggest revenue contributor, RSSI, rose 10% q-o-q to S$186.4m (32% of sales) while Test & Measurement grew 13% to S$165.9m. Overall, management reported gains in market share with various customers, new product rollouts and contributions from new customers.

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