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Venture capital group TMT Investments swung to a first-half profit, citing an overall positive effect from the Covid-19 on its portfolio companies.
Pre-tax profit for the six months through June amounted to $40.7 million, compared to a year-on-year loss of $1.7 million.
The company's net asset value per share rose 23% to S$7.49, up from $6.10 at the end of December.
'We are delighted with our portfolio companies' performance since the beginning of the year, which has sustained the trend of positive revaluations and cash realisations,' executive director Alexander Selegenev said.
'Most of TMT's investee companies are continuing to benefit from the accelerated shift to online consumer habits and remote working, led by outstanding management teams and supportive shareholders.'