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K1 Ventures hit by realised exchange loss

INVESTMENT firm K1 Ventures, which is 36 per cent held by Keppel Corporation, reported a net loss of S$8.5 million for its second quarter ended Dec 31, 2015, from S$31 million of profit a year ago.

Revenue fell 73.6 per cent to S$13.6 million from S$51.5 million a year ago.

The results were due to prior-year profit from the sale of the group's investment in car dealer China Grand Automotive, and a realised exchange loss related to the voluntary liquidation of subsidiary Focus Up Holdings.

K1 said it will not be making any new investments, but will focus its efforts on managing its current portfolio and realising value at the right time.

Net asset value at end-2015 was S$0.64 a share.

A dividend of 21 cents a share, from the realisation of assets, has been declared. The ex-dividend date is Feb 2 and payment date, Feb 18.

K1 closed at S$0.89 a share, down half a cent, before results were announced.