Finally, here's proof that Venture is enjoying customer loyalty

In fact, new customers are being expected.

According to DBS, based on improved customers’ forecast, the marketplace appears to be recovering. New customers are also expected to contribute more in 2H.

However, tax provisions could hit the bottomline for as long as the approval of pioneer tax status remains outstanding.

Here's more from DBS:

Hence, our FY13/14F earnings are maintained as higher taxes offset higher sales.

Despite higher than expected sales, Venture’s core net profit of S$28.6m (-7% y-o-y,11% qo-q) were only in line with our 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.

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