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LONDON (Alliance News) - Sealand Capital Galaxy Ltd on Wednesday reported a narrowed loss in 2018 after generating revenue in the period and disposing of its secure communications software distribution company.
Sealand Capital, which invests in IT and social media businesses, posted a pretax loss of GBP827,182 in 2018 compared to GBP1.1 million in 2017.
In 2018, the company's profit attributable to shareholders was GBP3.1 million compared to a loss of GBP8.0 million the year before.
Sealand Capital attributed the swing mainly on a gain of GBP3.1 million on the disposal of SecureCom Media Holding.
The company generated revenue of GBP549,882 compared to zero the year before.
"We are now starting to monetize our portfolio of products, services, licences and also our relationship with Tencent. The important new strategic initiatives announced earlier in April 2019 will transform our business and they fit well with our existing ePurse and Rightyoo business activities. As a UK listed business, Tencent has trusted us with a number of important licences that we now intend to monetize in a variety of ways," said Executive Chair Nelson Law.
On Monday, the digital sector investor launched three new initiatives with Hong Kong-listed internet giant Tencent Holdings Ltd.
The first is to acquire a majority stake in digital marketing and advertising business New Sky Global, which will be get a licensing agreement with Tencent.
The second agreement is to create a new subsidiary company to manage Tencent's annual Tencent Animation Comics Game Carnival.
The third agreement will see Sealand form a joint venture to acquire the licence of Tencent Car, a category in online portal QQ.com, which is owned by Tencent itself.
Shares in Sealand Capital Galaxy were untraded Wednesday but last closed 2.75 pence.