k1 Ventures posts $802,000 profit

In Q1 2011 there was a loss of $883,000.

The Directors of k1 Ventures Limited announced the unaudited results of the Group for the first quarter ended 30 September 2012.

The announcement said Group revenue of $19.9 million was $4.5 million above that of the comparable prior year quarter driven by an increase in revenue from transportation leasing related activities of $3.5 million.

This includes gross proceeds from held for sale locomotives of $3.4 million and higher railcar leasing revenue driven by an increase in utilisation.

Proceeds from the sale of investments also increased by $963,000 compared to the prior year period.

Meanwhile Group operating profit was $2.3 million for the quarter compared to an operating loss of $905,000 in the corresponding prior year period.

The improvement in operating results was driven by the increase in revenue and a reduction in Helm operating expenses, including lower depreciation and amortisation.

After taking into account income tax and non-controlling interests, net profit attributable to shareholders was $802,000 for the first quarter compared to a loss of $883,000 in the previous year. Profit per share was 0.04 cents.