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Kinnevik Loss Narrows After Asset Value Fall Shrinks
Kinnevik Investment AB (KINVB), the Stenbeck family's holding company, said its third-quarter loss narrowed after the value of its assets declined less than a year earlier.
The net loss shrank to 90 million Swedish kronor ($13.9 million), from a 1.34 billion-kronor loss a year earlier, the Stockholm-based company today said in a statement distributed by the Hugin newswire. The fair value of financial assets fell by 229 million kronor, compared with 1.7 billion kronor last year. Revenue declined 1.4 percent to 1.81 billion kronor.
Kinnevik manages a portfolio of companies including Metro International AB, which publishes free newspapers in 20 countries, and Tele2 AB (TEL2B), Sweden's second-largest phone company. Kinnevik has also expanded into new investments such as agricultural operations in Poland and Russia through its New Ventures unit.
``Within New Ventures, Kinnevik invests in sectors and markets characterized by high growth potential,'' Kinnevik said in the statement. ``Investments to date are in growth markets in which Kinnevik has a long tradition and a strong platform to capitalize on existing growth possibilities.''
Kinnevik rose 8 kronor, or 5.7 percent, to 149.5 kronor in Stockholm. The stock is up 30 percent this year.