Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) posted its sixth consecutive quarter of profits, with an adjusted net income of just over $2.2 million from its portfolio of early-stage technology companies.
During the second quarter ended June 30, 2021, the technology incubator reported net income from operations of C$1.1 million, which adjusted for non-cash costs for share-based payments and non-controlling interest for the period came to a total of $2,222,180 or $0.02 per share.
The Toronto-based company saw a milestone during the quarter with the listing of its portfolio company GameOn on the Canadian Securities Exchange.
"2Q 2021 was another strong quarter for Victory Square in which we achieved a sixth consecutive quarter with positive net income & earnings per share, issued a share dividend, and listed GameOn,” Victory Square CEO Shafin Diamond Tejani said in a statement.
“In addition to closing our investment in Stardust Solar Technologies Inc, we closed an oversubscribed financing for Immersive, launched DiscreetCare.com and Covalent Network Corporation completed a US$10 million public sale of their CQT token,” the CEO added.
For the six-month period ended June 30, the firm saw adjusted net income of C$7.6 million and adjusted earnings per share of $0.08, with diluted earnings per share of $0.07.
Going forward, Victory Square said it expects portfolio company Immersive to start trading on the Canadian Securities Exchange within the next three- to six-months. It also plans to concentrate on the electric vehicle, renewable energy, digital assets management and fintech spaces among others for more investment opportunities, according to a statement.
The group ended the quarter with C$6.1 million in cash and equivalents.
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