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k1 Ventures swings back to profitability in 2Q

PC Lee
PC Lee • 1 min read
k1 Ventures swings back to profitability in 2Q
SINGAPORE (Feb 1): k1 Ventures recorded earnings of $6.6 million for the 2Q ended Dec, reversing from its loss of $8.5 million a year ago.
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SINGAPORE (Feb 1): k1 Ventures recorded earnings of $6.6 million for the 2Q ended Dec, reversing from its loss of $8.5 million a year ago.

Revenue fell 74.3%to $3.5 million due to a decrease in investment income from Knowledge Universe Holdings (KUH).

However, an other operating income of $4.2 million was recorded compared to operating expenses of $21.0 million the previous year.

This was mainly attributable to foreign exchange gain of $5.1 million, and an exchange loss recorded in the prior year of $17.6 million related to the voluntary liquidation of Focus Up Holdings.

For the half year, earnings fell 78.3% to $17.1 million a year ago while revenue fell 84.6% to $15.8 million due to a decrease in investment income from KUH.

The Board says 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 the company to maximise value from the proceeds from any realisation of assets and to return the same to shareholders as appropriate,” says k1 Ventures in its filing.

Shares of k1 Ventures closed at 88 cents.

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