k1 Ventures reports surge in earnings, lifted by sharp rise in investment income

k1 Ventures reported a first quarter net profit of $18 million, thanks to a big improvement in investment income, well up from the $802,000 it made in the same period last year.

Revenue for the three months to Sept 30 climbed by 89.1 per cent to 37.6 million, primarily attributable to the receipt of 426,846 common shares of K12 Inc valued at some $19.7 million.

Earnings per share swelled to 0.83 cent from 0.04 cent previously while net asset value per share firmed to 17 cents compared to 16 cents as at June 30.

The board has determined that the company 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 it to maximise value from the proceeds from any realisation of assets and to return the same to shareholders as appropriate.