Company briefs : k1 Ventures

k1 Ventures

k1 Ventures posted a net loss of $8.5 million for the second quarter, compared with a net profit of $31 million a year earlier.

Revenue fell 73.6 per cent to $13.6 million for the three months to Dec 31. Turnover in the previous year was boosted by the sale of its investment in China Grand Automotive.

The company 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 as at Dec 31, up from 49 cents at June 30.

An interim dividend of 21 cents per share was declared, compared with 7.5 cents per share a year earlier.

SP Corporation

The company posted a 9 per cent drop in revenue to $119.7 million for the year due to a decline in commodities trading activities.

Net profit was 31 per cent down at $1.5 million for the 12 months to Dec 31, exacerbated by losses from the tyre distribution unit, it said yesterday.

Revenue for its commodities trading unit fell from $104.1 million in 2014 to $99.8 million, mainly due to lower turnover from coal and metal trading despite an increase in coal trading volume.

Sales from its tyre distribution unit fell 29 per cent to $19.9 million due to weak demand and intense competition in both export and domestic markets.

Earnings per share was 4.18 cents for the year compared with 6.07 cents a year earlier.

Net asset value per share was $1.43 as at Dec 31, up from $1.36 a year earlier.

No dividend was declared for the period.

Tat Hong Holdings

The group is expected to report a loss for the third quarter, it announced yesterday.

This is based on the preliminary review of its consolidated unaudited results, and comes primarily due to costs and provisions associated with exiting the excavator distribution business in Indonesia, weak performance from its Australian operations and foreign exchange losses.

The group is expected to release quarterly results on or around Feb 12. It advised shareholders and potential investors to exercise caution when dealing in its shares.

A version of this article appeared in the print edition of The Straits Times on January 28, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe