k1 Ventures records second quarter loss of $8.5 million

SINGAPORE - k1 Ventures posted a net loss of $8.47 million for the second quarter, compared with net profit of $31.0 million a year earlier.

Revenue fell 73.6 per cent to $13.6 million for the three months to Dec 31.

This was partly due to turnover in the previous year being boosted by the sale of the group's investment in China Grand Automotive.

The group also recorded an exchange loss of $17.6 million upon the voluntary liquidation of Focus Up Holdings.

It posted a loss per share of 1.96 cents for the quarter, compared with earnings per share of 7.15 cents a year earlier.

Net asset value was 64 cents at Dec 31, up from 49 cents at June 30.

An interim dividend of 21.0 cents per share was declared, compared with 7.5 cents per share a year earlier.