k1 Ventures posts 360% jump in profit, proposes 2-cent-a-share final dividend

Transportation leasing and investment company k1 Ventures has posted a 360.5 per cent jump in full year net profit to $54.6 million.

Revenue for the year ended June 30 more than doubled to $168 million from $78.7 million last year.

A large part of the profit growth was due to a one-off gain on sale of an investment amounting to $29.8 million.

Earnings per share swelled to 2.52 cents from 0.55 cent previously while net asset value per share was unchanged at 16 cents.

As a result of continued weakness in the six-axle locomotive leasing market, the group's operating subsidiary, Helm Corporation, is evaluating its entire fleet of six-axle locomotives.

However, Helm remains focused on overall fleet management and continues to be focused on opportunities for rail equipment acquisitions primarily in the railcar sector.

k1 board has determined that the company will not be making any new investments, but will instead focus its efforts on managing the current portfolio of assets and realising such assets at the appropriate time.

It believes this to be the best course of action in the current circumstances, and will enable the company to maximise value from the proceeds from any realisation of assets and to return the proceeds to shareholders.

A final dividend of two cents a share was proposed, up from half a cent last year.