k1 slides into the red in Q2 with S$3.1m loss

INVESTMENT holding company k1 Ventures Limited (k1) fell into the red in its second quarter, chalking up a net loss of S$3.1 million from net profit of S$6.6 million in the year-ago period, the group said in a Singapore Exchange (SGX) filing on Thursday evening.

The slide in net profit was due mainly to an increase in other operating expense in the current period, and a foreign exchange gain recorded in the prior year of S$5.1 million, it said.

For the three months ended Dec 31, revenue plunged 56.9 per cent to S$1.5 million from the previous year.

k1 made a loss per share of 0.71 Singapore cent, compared with earnings per share of 1.53 Singapore cents in the preceding year.

Net asset value per share dropped to 37 Singapore cents as at Dec 31, from 76 Singapore cents six months ago.

k1 shares have been suspended on the SGX since Nov 20, 2017 and last traded 0.66 per cent or S$0.01 higher to S$0.76 apiece on Nov 17.