k1 Ventures swings to net loss in 3Q

SINGAPORE - Investment holding firm K1 Ventures fell into a net loss of $2.1 million in the first quarter, reversing from a net profit of $35 million a year ago, due mainly to a decrease in investment income.

Revenue in the three months ended March 31 was $3.37 million, down 93.5 per cent from the same period a year ago, due to the absence of $48.5 million in investment income from Knowledge Universe Holdings in the prior year.

Third quarter loss per share was 0.49 cents, from earnings per share of 8.07 cents a year ago.

Net asset value per share was $0.43 as at March 31, down from $0.48 as at June 30.

No dividend was recommended for the quarter. In the same period a year ago, a tax exempt one-tier interim dividend of nine cents per share in respect of the financial year ended June 30, 2016 was paid on May 18, 2016.

The board of K1 Ventures has determined that the company will not be making any new investments, but will focus its efforts on monetising its portfolio of assets, it said.