+ Recovery in net cash. Net cash recovered by S$255mn YoY in 3Q23 to S$956mn. Inventory declined by S$304mn YoY to a still elevated S$949mn. Inventory is high compared to pre-pandemic levels of around S$700mn.
– Weakness in margins. There was no disclosure of gross margins this quarter. But assuming interest income was similar to prior quarters, operating margins declined by at least 1% point. This was despite staff costs declining around 9% YoY.
– Revenue slump. Revenue growth remains problematic for Venture. 3Q23 revenue of S$706mn is trending around supply chain pandemic levels.