K1 Ventures Q1 net profit down 83.3% in absence of one-off gain

SINGAPORE - K1 Ventures, the investment holding unit of Keppel Corp, said on Thursday its net profit for the first quarter ended Sept 30 fell 83.3 per cent from the same period a year ago to $3 million, due to the absence of a one-off gain in investment income made last year.

Revenue for the period dropped 87.2 per cent to $2.88 million.

Again, the decrease was due to a lower investment income. Last year, K1 Ventured took receipt of 426,846 common shares of K12, Inc. valued at about $19.7 million on the date received.

Profit per share for the first quarter stood at 0.14 cents, down from 0.83 cents a year ago.

Net asset value per share was 12 cents as at Sept 30, unchanged from the end of June.

The firm said it has determined that it will not be making any new investments, but will focus its efforts on managing the current portfolio of assets and, at the appropriate time, realising such assets.

"This will enable the company to maximise value from the proceeds from any realisation of assets and to return the same to shareholders as appropriate," it said.

The oard of directors is declaring an interim dividend of 2.5 cents per share. The dividend will be paid to shareholders on Nov 14.