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K1 Ventures Q3 profit jumps to S$5.04m

Friday, April 24, 2015 - 22:03

K1 VENTURES, the investment-holding unit of Keppel Corporation, reported on Friday that its net profit for the third quarter ended March 31, 2015, had increased to S$5.04 million from S$1.16 million in the year-ago period. The increase was mainly due to a foreign-exchange gain of S$3.9 million.

Revenue in the quarter dipped 3.4 per cent to S$3.1 million from S$3.2 million in the year-ago period due to a decrease in investment income.

The board has determined that K1 Ventures 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, it said in a statement.

"This will enable the company to maximise the value from the proceeds from any realisation of assets and to return the same to shareholders as appropriate," it added.

For the quarter under review, earnings per share was 1.8 Singapore cents and net asset value per share was 10 Singapore cents.

No dividend was declared for the quarter.

K1 Ventures closed trading unchanged at S$0.205 on Friday before the results were announced.