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k1 Ventures posts 88% drop in Q1 profit

INVESTMENT firm k1 Ventures posted a 88 per cent drop in net profit for the first quarter ended September to S$10.5 million from S$87.3 million a year ago.

The weaker performance was largely owing to lower investment income from its portfolio company Knowledge Universe Holdings (KUH).

The firm, which is 36 per cent owned by Keppel Corp, saw a sharp fall of 86.2 per cent in revenue to S$12.3 million from S$89.3 million.

Earnings per share stood at 2.42 Singapore cents from 20.16 Singapore cents.

Even so, the company has recommended an interim tax exempt dividend per share of two Singapore cents versus none over the previous corresponding period.

The company said that it will not be making any new investments and will focus instead on managing the current portfolio of assets and, at the appropriate time, to realise such assets.

The counter slipped 0.5 Singapore cent to finish at 99 Singapore cents on Wednesday.