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August 7, 2008

Singapore’s Venture Q2 profit drops 17%
Singapore’s contract electronics firm Venture Corp posted a 17 percent drop in second-quarter earnings on Wednesday, hit by a stronger Singapore dollar and as some customers delayed orders on worries over the global economic outlook, reported Reuters.

Venture, Singapore’s second-largest contract electronics maker after Nasdaq-listed Flextronics International Ltd, reportedly earned S$65.6 million ($47.5 million) for the April-June quarter, compared with S$78.7 million in the same period a year ago.

The results were below a mean net profit estimate of S$78.6 million from three analysts polled by Reuters.

Venture makes printers for Hewlett-Packard Co Ltd, the world’s largest computer and printer maker, which accounts for about a quarter of the Singapore’s company’s sales.

It also produces hard drives for computer storage firm Iomega Corp and networking devices for electronics and testing equipment maker Agilent Technologies Inc.

Venture shares fell 6.9 percent in April-June, compared with a flat performance in rival Flextronics stock and a 14 percent decline in shares of Taiwan’s Hon Hai Precision Industry Co Ltd.

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