LONDON (Alliance News) - J2 Acquisition Ltd on Tuesday said its investment income more than doubled in the first half of its financial year, offsetting a significant rise in expenses.
J2 completed its initial public offering in October 2017, raising USD1.25 billion. It was created in order to acquire a target company or business. This acquisition has not yet occurred and so it recorded no revenue.
However, investment income for the six months to February 28 was USD13.7 million, more than twice the USD5.3 million recorded the year before. Other income also multiplied, reaching USD144,352 compared to just USD19,586 year-on-year.
This rise in both investment and other income overcame a near-trebling of expenses to USD2.0 million from USD664,221.
The company did not incur a non-cash charge relating to founder preferred shares during the half year, compared to a USD163.0 million charge in the year ago period. In its previous half, the company also incurred a USD1.2 million non-cash charge related to warrant redemption liability and this too was non-repeating.
Given all of these factors, J2's total comprehensive income for its most recent half was USD11.9 million, while it recorded a USD159.6 million comprehensive loss the year before.
Shares in J2 closed up 0.3% at USD8.90 on Tuesday.
