How Venture's tighter working capital affected 3Q13 results

Capital change hit $26.4m.

According to CIMB, 3Q13 revenue fell 3.4% yoy, but gross profit margin improved due to better production cost management.

Venture continues to strive for innovation, leading to a 44% rise in R&D expenses and a 3% increase in employee expenses. Tax rates remain low and the company is in the process of renewing various tax incentives.

Here's more from CIMB:

Compared to the second quarter when the company kept a tighter rein on working capital (positive change of S$13.5m), 3Q saw a negative working capital change of S$26.4m.

9M13 working capital consumed was S$41.5. We believe Venture is leveraging its strong balance sheet to hold some inventory for its customers. This would help deepen its relationship with these customers.

Management is monitoring the working capital situation with an inclination to reduce it in the fourth quarter.

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