k1 Ventures' full year net profit dives 77% to $12.8 million

SINGAPORE - Transportation leasing and investment company k1 Ventures has reported a 77 per cent plunge in full year net profit to $12.8 million, dragged down by its disposal of a unit, Helm.

If discontinued operations like Helm were not included, its profit would have come in at $20.1 million.

The firm said the loss from the sale of Helm included a foreign currency translation loss of $54.9 million.

Revenue for the full year fell 67 per cent to $31.6 million due to a decrease in investment income, as well as the sale of its investment MMR that lifted revenue in the previous year.

Earnings per share was 0.59 cent, down from 2.52 cents previously.

Net asset value per share stood at 12 cents, down from 16 cents.

No final dividend has been proposed. It declared a final dividend of 2 cents per share in the previous financial year.

k1 shares were unchanged at 20.5 cents. It announced its results after markets closed.