More margin improvement in 4Q10. Venture Corp (VMS) reports its 4Q10 results last evening, with revenue falling 22.7% YoY to S$705.5m, or around 11.9% below our forecast, as revamp of its Printing & Imaging (P&I) business continues with the forgoing of low-margin "full configuration" orders from a major customer. But thanks to continued margin improvements, with gross margin back up around 23.3% (versus 16.4% in 4Q09) and the absence of any CDO revaluation losses, reported net profit surged 222.4% YoY to S$54.2m, though only 2% ahead of our forecast. For FY10, revenue slipped 21.6% to S$2675.8m, just 3.4% shy of our forecast, while reported net profit jumped 30.9% to S$188.1m, or 0.1% ahead of estimate. VMS also declared a final dividend of S$0.55 per share, up from S$0.50 last year.
Source
No comments:
Post a Comment